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London regtech GSS raises $47M to help banks screen for global sanctions

TechCrunch · 1y ago

London regtech GSS raises $47M to help banks screen for global sanctions

London-based compliance platform Global Screening Services (GSS) has secured $47m in funding to help financial institutions meet global sanctions requirements. GSS offers a sanctions-screening platform that analyses transaction data against a standardised set of global sanctions lists. The platform also enhances the lists with additional data points, such as dates of birth and ship numbers. GSS counts Mitsubishi UFJ Financial Group and Commonwealth Bank of Australia among its backers, and is set to go live with its first customers after completing the funding round.

Related News

RegTech startup Zango AI raises $4.8 million from Nexus Venture Partners, others - The Economic Times

Economic Times

Economic Times · 1m ago

RegTech startup Zango AI raises $4.8 million from Nexus Venture Partners, others - The Economic Times

Regtech startup Zango AI raised $4.8 million in a funding round led by Nexus Venture Partners. The funds will expand teams in Bengaluru and London and develop AI-native compliance tools. Founded in 2024 by Ritesh Singhania and Shashank Agarwal, Zango automates compliance using regulation-specific large language models, aiding clients like Novobanco and Monzo. The startup aims to modernize financial regulation management, integrating AI with human expertise to ensure comprehensive compliance solutions.

North Korea's AI development raises sanctions concerns, report says

Economic Times

Economic Times · 1y ago

North Korea's AI development raises sanctions concerns, report says

The development of artificial intelligence (AI) in North Korea has raised concerns about potential violations of international sanctions, according to reports. The country's pursuit of AI technology is being closely monitored amid fears that it could involve collaborations with entities subject to sanctions. Such advancements in AI could have implications for global security, prompting international scrutiny and calls for increased vigilance in enforcing sanctions against North Korea.

Emtech to advance its regtech and CBDC stack solutions with $4M led by Matrix Partners India

TechCrunch · 2y ago

Emtech to advance its regtech and CBDC stack solutions with $4M led by Matrix Partners India

Emtech, an African central banking infrastructure provider, introduced its CBDC Innovation Kit for fintechs and financial services exploring digital currencies pioneered by central banks. The New York-based company secures a $4 million seed investment led by Matrix Partners India to advance its CBDC stack and regtech solution. Emtech collaborates with six central banks, developing solutions and insights for regulatory and innovation needs. CEO Cardet highlights the company's unique position in engaging with multiple central banks simultaneously.

5 banks to present OYO's IPO plan to Softbank in London: Report

Inshorts · 3m ago

5 banks to present OYO's IPO plan to Softbank in London: Report

Five investment banks will propose OYO's IPO plans to its key shareholder, SoftBank, in London, reports stated. The banks include Citi, Goldman Sachs and Jefferies from the global banking pool, and ICICI Securities and Axis Capital from Indian financial institutions. SoftBank is interested in understanding OYO's positioning strategies and expected interest in the offering from investors.

Sprinto Raises $20 Mn From Accel, Others

Inc42 · 1y ago

Sprinto Raises $20 Mn From Accel, Others

RegTech startup Sprinto has raised $20 million in Series B funding led by Accel. The funding round also included participation from existing investors Elevation Capital and Blume Ventures. Sprinto, founded in 2020, provides enterprises with automation tools for risk and compliance requirements. The company plans to use the funding for research and development, focusing on intelligent automation and artificial intelligence, as well as expanding into new markets.

Outlook 2025: VC investment revival set to continue; RegTech, fintech to be in demand

VCCircle

VCCircle · 7m ago

Outlook 2025: VC investment revival set to continue; RegTech, fintech to be in demand

India's startup ecosystem is attracting global VC interest, with significant funds invested in 2023, showing promise for continued growth. Key investment areas include RegTech for compliance solutions, fintech for financial inclusion, climate finance for sustainable projects, and innovative digital payment systems leveraging blockchain. Vertical SaaS startups are also poised for growth, catering to specific industries and enhancing operational efficiencies globally. These sectors are expected to draw substantial VC investments in 2025 and beyond.

Russian lawmakers approve use of digital assets in international transactions

Reuters · 1y ago

Russian lawmakers approve use of digital assets in international transactions

Russian lawmakers have passed draft legislation allowing digital financial assets (DFAs) to be used in international settlements, potentially shielding cross-border money flows from international scrutiny. The move comes amid threats from the West, particularly the United States, to impose secondary sanctions on banks facilitating trade with Russia. The legislation aims to bypass the traditional banking system in transactions, reducing external influence. Approval is still required from Russia's upper house of parliament and President Vladimir Putin before it becomes law. Both Turkey and China have experienced disruptions in payments due to threats of sanctions for conducting business with Russia.

Screen Skinz raises $1.5 million seed to create custom screen protectors

TechCrunch · 1y ago

Screen Skinz raises $1.5 million seed to create custom screen protectors

Screen Skinz, a company that produces custom phone screen protectors featuring personalized logos or slogans, has closed a $1.5 million seed round of funding. The round was led by South Loop Ventures and Abo Ventures. Screen Skinz holds creative licenses with various brands including the NFL, NBA, Marvel, and WWE, and plans to expand into making screen protectors for tablets in the future. The latest funding allowed the company to move manufacturing from Asia to the US, giving it greater control over its supply chain. Screen Skinz aims to focus on customer acquisition and strengthen licensing relationships.

The screen time you shouldn’t feel bad about

Livemint

Livemint · 1y ago

The screen time you shouldn’t feel bad about

Screen Time, a tool developed by Apple, can help individuals understand and manage their device usage. It tracks the amount of time spent on iPhones, iPads, and Macs, providing insights into app and website activity. Users can view their daily average screen time, compare usage over time, and monitor different app categories. However, Screen Time has limitations, such as bugs. While excessive screen time has raised concerns regarding mental health, understanding how to interpret and categorize screen time can assist individuals in making informed adjustments to their habits.

Fraud prevention software platform RaptorX raises pre-seed round

Entrackr

Entrackr · 8m ago

Fraud prevention software platform RaptorX raises pre-seed round

Fraud prevention software platform RaptorX has raised Rs 4 crore in a pre-seed funding round co-led by PeakXV Spark, EagleWings Ventures, and Point One Capital, along with participation from Peyush Bansal, Boat Co-founder & CMO Aman Gupta, and key angels (SVPs) from Google. The company had previously raised $120K in the same round. The fresh funds will be utilized to build and enhance its AI and machine learning capabilities for applications in both banking and e-commerce, expand the team, improve integrations with payment gateways, e-commerce platforms, and banking systems. Launched in 2023 by Pratyusha Vemuri, RaptorX operates at the intersection of fintech, regtech, e-commerce, and artificial intelligence, focusing on fraud prevention, anti-money laundering (AML), and customer risk intelligence. The platform aims to address challenges by providing predictive and real-time fraud detection, revealing hidden relationships, and enabling businesses to act proactively while ensuring compliance and operational efficiency. The Mumbai-based company aspires to develop scalable infrastructure for real-time transaction monitoring and e-commerce fraud prevention. It also intends to launch dedicated Anti-Money Laundering (AML) modules for payment screening and mule detection. According to market research, the global fraud detection and AML market is expected to surpass $129 billion by 2030. RaptorX claims that it has already put in place strategic levers to help scale to more than Rs 200 crore in annual revenue, with a focus on ARR growth over the next few years. It plans to expand to over 50 enterprise customers, handling over 1 billion monthly transactions. It may compete directly or indirectly with other companies in this space, such as Clarify, Karza Technologies, Unit21.ai, amongst others.

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