Sanctions screening startup GSS has raised $45 million in its initial funding round.
Investors included AlixPartners, The Cynosure Group, and MUFG. Randal Quarles, chairman and co-founder of The Cynosure Group, and former vice chairman of the Federal Reserve System and chairman of the Financial Stability Board, has joined the GSS board. William Langford, global head of financial crimes compliance and chief compliance officer for the Americas at MUFG, will serve as an observer to the GSS Board.
Incubated by AlixPartners since 2021, GSS has created a centralised, cloud-based platform for banks and financial institutions to conduct and share payments screening data, removing the duplication of effort across compliance teams and reducing friction and delay in international payments.
In October, Swift announced a formal partnership with GSS, providing expertise on security and data privacy, along with sanctions-specific support on RFIs and assurance.
Tom Scampion, CEO of GSS, says: “Sanctions screening is both an international security imperative and one of the major sources of friction in the global payment system - at a time when consumers and businesses are increasingly demanding real-time settlement . GSS is uniquely position to deliver improved regulatory compliance and an enhanced customer experience. We’re delighted to have closed this funding round and to be working with such incredible partners to take GSS to market.”