Norwegian anti-money laundering (AML) intelligence software company Strise has raised $10.8 million in a Series A funding round. Strise's previous funding round was a €3.3 million round led by Curiosity with Maki.vc, Sondo Capital and Likeminded also participating
The round was led by Atomico which also scored participation from existing investors, and angel investors including Camilla Giesecke (Klarna COO), Phil Chambers (founder of Peakon, exited to Workday), Francois Callens (former CFO of Depop), Marcus Krylborn (growth at Snap), Riya Grover (CEO and co-founder of Sequence) and Allison Pickens (former COO of Gainsight).
“Strise's powerful knowledge graph, combined with AI and NLP technologies and an intuitive user interface is a game-changer for compliance teams. Its existing customers, including major Nordic banks and payment services, have reported a 90 percent reduction in diligence time and a 30 percent cost saving since implementing the system.
"We are proud to partner with founders Marit, Sigve, and Patrick, who are on a mission to finally stop financial crime by building the first automated AML platform that everyone wants to use,” says Atomico partner Don Hoang (and former senior executive at Uber and Revolut). Hoang will also join the Strise board.
Strise AML solution has rapidly sped up the Know You Customer (KYC) piece for banks and fintechs by automating the KYC functions, counting major Nordic banks such as Nordea, Handelsbanken and Vipps MobilePay amongst its customers.
The new investment will see the firm expand internationally with the next stop the UK where it already has EY signed up to its early access programme. It will also expand its customer base across the financial, insurance, legal, and other industries.
“If banks don't adapt to AI, they risk falling behind. With crime and regulations becoming more complex, traditional methods aren't enough. Without automation, fighting financial crime becomes costly and inefficient. Strise is leading the way in this change - we help AML and compliance teams work faster, detect crime more accurately, and stay compliant, protecting their reputation in the process," says Marit Rødevand, CEO and co-founder of Strise.