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February 26, 2024
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Regtech startup raises £37m to screen financial data with AI

Global Screening Services, a regtech startup that provides a platform to screen financial institutions’ transaction data, has secured £37m in funding.

Its cloud-based platform uses artificial intelligence to assess transaction data uploaded by financial firms, matching it against public and private sanctions lists.

Investment into the London-based regtech company came from AlixPartners, The Cynosure Group, and MUFG.

“Sanctions screening is both an international security imperative and one of the major sources of friction in the global payment system – at a time when consumers and businesses are increasingly demanding real-time settlement,” said Tom Scampion, CEO of Global Screening Services.

Scampion is managing director of AlixPartners and a partner at Deloitte.

John Cusack, chair of the development board, Global Screening Services, said: “The future of compliance will be partnerships and platforms, GSS is both. Working with banks, regulators and the industry as a whole, the GSS platform will improve standards, reduce cost and help deliver effective compliance worldwide.”

Randal Quarles, chairman and co-founder of The Cynosure Group, has joined the regtech startup’s board. William Langford, global head of financial crimes compliance at MUFG, has been appointed Global Screening Services’ board observer.

The company, which is also known as GSS, was founded in 2021 and now has more than 140 employees.

Fellow regtech company Apperio this month raised £6m for its law firm spending platform.

The post Regtech startup raises £37m to screen financial data with AI appeared first on UKTN | UK Tech News.

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