UK-based monetary crime compliance options firm Napier AI has acquired a majority development funding from Marlin Fairness Companions.
As we speak’s funds add to Napier AI’s present $55.8 million in funding and can be used to help world enlargement and R&D.
The corporate’s Napier Continuum AI-powered AML compliance platform serves over 100 monetary establishments, together with main gamers like HSBC and State Road, utilizing AI and knowledge science to assist compliance groups make sooner, extra correct selections.
Monetary crime compliance options firm Napier AI has acquired a majority development funding from Marlin Fairness Companions. The quantity of the funding was undisclosed, however can be added to Napier’s $55.8 million in present funds from the corporate’s 2024 spherical.
“The Napier AI staff impressed us with their strategic and revolutionary product providing, and devoted buyer focus. Because the regulatory panorama turns into extra complicated, this mission-critical compliance-first AI platform is well-positioned to ship continued development within the world anti-financial crime market,” stated Marlin Managing Director Mike Wilkinson. “We’re excited to work alongside the Napier AI administration staff and are thrilled to help the corporate’s imaginative and prescient of serving to extra enterprises successfully and effectively put a halt to cash laundering actions.”
The U.Ok.-based firm stated that it’ll use the funds to “advance its market place by means of ongoing analysis and improvement” and help its world enlargement.
Napier was based in 2015 and presents Napier Continuum, an anti-money laundering (AML) compliance suite that gives AML screening and monitoring options in a modular platform that helps companies scale. The corporate leverages AI and knowledge science to assist compliance groups make selections shortly and precisely. The Continuum platform counts greater than 100 monetary establishment shoppers, together with HSBC, State Road, Mizuho Belief & Banking, SS&C, Starling Financial institution, ClearBank and WTW.
“We consider our AI-enabled merchandise and passionate staff enable us to ship distinctive worth to prospects and companions,” stated Napier AI CEO Greg Watson. “In an period of ever-evolving monetary crime threats, having a contemporary resolution leveraging AI and automation is paramount to sustaining regulatory compliance and defending the monetary providers trade from unhealthy actors. We’re delighted to have discovered the suitable accomplice at such a pivotal second in our journey to assist us proceed our momentum and develop the Napier AI model globally. Marlin has an unbelievable heritage in serving to companies like ours to scale and innovate, and we’re assured each our prospects and our groups will see speedy advantages from Marlin’s funding.”
Napier stated that the funding highlights the demand for AI-based AML options in right now’s more and more complicated regulatory surroundings. It additionally comes at a time when the fintech sector is shortly creating AI-powered instruments to deal with monetary crime, which displays the monetary providers trade’s pressing must fight more and more superior fraud methods whereas concurrently assembly stringent regulatory necessities.
Napier demoed its Buyer Screening and Transaction Monitoring Enhancement software program at FinovateEurope 2018 in London. At this 12 months’s FinovateEurope occasion, going down 25 by means of 26 February, we are going to showcase 30+ demoing firms, a lot of that are leveraging AI. Register right now utilizing this hyperlink and save 20% in your ticket.
Picture by Harrison Fitts
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