Although technology removes global commerce barriers and allows access to new open markets, it also opens up a pandora’s box of financial crimes. According to a study, a whopping $181B (nearly €155.4M) was spent on financial crime compliance by financial institutions in the key markets of APAC, EMEA, LATAM, and North America – with EMEA contributing nearly $138.8B (nearly €119.2). This is where data intelligence platforms like Ripjar come into play.
Money in the jar
UK-based fintech startup, Ripjar, has raised €31M in a Series B round of funding from Long Ridge Equity Partners. To date, the company has raised over €51M, with existing investors including Winston Capital and Accenture.
“With this funding, we will accelerate the expansion of Ripjar worldwide to provide our customers with the most advanced financial crime solutions, as well as creating new applications of the Labyrinth platform,” said Jeremy Annis, CEO of Ripjar.
Besides, the company will also expand its sales and marketing presence in Asia, North America, and Europe, and grow its employee base to support current and future clients.
Founded in 2013 by five former employees of the UK’s Government Communications Headquarters (GCHQ), Ripjar develops unique technology for global threat detection. It helps institutions and government agencies address criminal threats, including money laundering, fraud, cyber-crime, and terrorism.
The raised capital will also be utilised to accelerate new product development and facilitate the expansion of Ripjar’s ground-breaking data intelligence platform, Labyrinth.
Utilising proprietary AI technology, Labyrinth uncovers new risks and reduces false positives by over 90%. It also enables human analysts to make better-informed decisions with speed and accuracy, saving significant cost and time for its clients.
Recently, Ripjar reached the 20,000 user mark and has signed six new customers during the COVID-19 lockdown. During this difficult period, the company also became profitable.
Using automated analytics, and machine learning, Ripjar’s vision is to provide a new approach to detect threats proactively and reduce the cost and overhead of financial compliance.
Image credit: Ripjar