Lithuania's Amlyze raises $1 million to help its fight against financial crime

The anti-financial crime solutions firm will use funding to reach further than the Baltic States as it adds to its solutions for fintechs, neo-banks and crypto businesses
Lithuania's Amlyze raises $1 million to help its fight against financial crime

Vilnius-based regtech firm Amlyze provides an anti-financial crime solutions for fintechs, neo-banks and crypto businesses. With its main customer base in the Baltics and the UK, funding in the form of a pre-seed investment round will prime the Lithuanian start-up for international expansion.

The global scale of financial crime, estimated by the United Nations Office on Drugs and Crime (UNODC) to account for 2% to 5% of the annual global GDP (€715 billion to €1.87 trillion) - Amlyze’s solutions deal with transaction monitoring, risk assessment, and case investigation.

Amlyze raised $1 million in a round led by by Practica Capital, with participation from the Firstpick accelerator and venture capital fund.

"Given the significant knowledge and experience that has been accumulated across all levels of the fintech ecosystem in Lithuania over the last decade, it comes as no surprise that a company like this has emerged here. Amlyze, bringing together an outstanding core team on a clear mission, has firm ground and the potential to bring category-defining products to the vast and growing market," says Donatas Keras, Founding Partner of Practica Capital.

The funding will be used to scale the SaaS solutions, international expansion, and fund advanced functionalities to the core product.

"We have assembled a core team comprising seasoned IT and anti-financial crime professionals, as well as former regulators and supervisors with backgrounds in central banking and law enforcement. We consider ourselves industry experts who possess an insider's perspective on the sector, enabling us to assist financial institutions in meeting escalating regulatory requirements and enhancing their compliance efficiency," says Gabrielius Bilkštys, CEO and co-founder of Amlyze.

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