UK-based monetary crime compliance options firm Napier AI has obtained a majority development funding from Marlin Fairness Companions.
At the moment’s funds add to Napier AI’s current $55.8 million in funding and can be used to assist world growth 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 choices.
Monetary crime compliance options firm Napier AI has obtained 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 current funds from the corporate’s 2024 spherical.
“The Napier AI staff impressed us with their strategic and progressive product providing, and devoted buyer focus. Because the regulatory panorama turns into extra advanced, 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 assist 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 growth” and assist its world growth.
Napier was based in 2015 and gives 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 choices rapidly and precisely. The Continuum platform counts greater than 100 monetary establishment purchasers, together with HSBC, State Road, Mizuho Belief & Banking, SS&C, Starling Financial institution, ClearBank and WTW.
“We imagine our AI-enabled merchandise and passionate workers permit us to ship distinctive worth to clients and companions,” stated Napier AI CEO Greg Watson. “In an period of ever-evolving monetary crime threats, having a contemporary answer leveraging AI and automation is paramount to sustaining regulatory compliance and defending the monetary companies business from dangerous actors. We’re delighted to have discovered the best 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 unimaginable heritage in serving to companies like ours to scale and innovate, and we’re assured each our clients and our groups will see rapid advantages from Marlin’s funding.”
Napier stated that the funding highlights the demand for AI-based AML options in at this time’s more and more advanced regulatory atmosphere. It additionally comes at a time when the fintech sector is rapidly growing AI-powered instruments to handle monetary crime, which displays the monetary companies business’s pressing have to 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, happening 25 by means of 26 February, we’ll showcase 30+ demoing corporations, a lot of that are leveraging AI. Register at this time utilizing this hyperlink and save 20% in your ticket.
Photograph by Harrison Fitts
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