US RegTech software firm Compliance.ai has raised $6 million in funding and appointed a new CEO to replace co-founder Kayvan Alikhani.
The new funding comes from existing investor Cota Capital and new investment partner Jam Fintop.
The company provide compliance teams with an automated approach to monitoring and reacting to regulatory updates, identifying obligations and ensuring required changes are completed. Recently, the firm announced the global expansion of its platform. providing access to regulatory change management applicable in 25+ countries.
In parallel with the new investment, the company has brought in Asif Alam as CEO, replacing Kayvan Alikhani, who takes on the role of chief product/strategy officer. Most recently Alam served as the chief strategy officer of ThoughtTrace, which was acquired by Thomson Reuters earlier this year.
"Compliance.ai enables financial institutions to better protect themselves in a market that's seeing an enormous amount of rapid change," says Alam. "An intelligent, automated approach to monitoring and reacting to regulatory updates is no longer a nice-to-have; it is a critical need for anyone who wants to prosper in today's landscape."
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