YC-backed Flagright secures €3.9M to fight financial crime: Know more

London-based Flagright, an AI-native, centralised, no-code compliance platform, has secured $4.3M (approximately €3.9M) in a seed funding round.

The funding round was led by Frontline Ventures, with participation from notable angel investors such as Rubin Ritter (Ex-Co-CEO of Zalando), André Silva (Ex-Global Head of Expansion at Revolut), Phillip Chambers (CEO of Orbex), Ahmed Badr (COO of GoCardless), Teng Sherng Lim (Ex-CCO of  Advance.AI), and Saqib Mirza (CEO of Sciopay).

Existing investors, including Y Combinator, Pioneer Fund, and Moonfire Ventures, also participated in the round.

The company will use the funds to expand its operations globally, particularly in North America (New York and San Francisco). The company recently established an EMEA headquarters in London, complementing its presence in Berlin, Singapore, and Bangalore.

Flagright: Real-time transaction monitoring platform 

Founded in 2022 by Baran Ozkan and Madhu Nadig, Flagright is a no-code platform that uses AI to help financial institutions manage anti-money laundering (AML) compliance and risk management.

With real-time transaction monitoring, automated case management, dynamic risk scoring, AML screening, AI Forensics, and more, the UK company enables teams to scale efficiently while reducing false positives and operational costs.

The solution uses AI forensics to automate alert investigations and quickly generate detailed reports. This reduces manual work and speeds up decision-making by up to 90 per cent, helping small teams achieve significant results and larger teams operate more accurately.

Flagright offers a no-code setup that allows Financial Crime Compliance (FCC) teams to create customised compliance programs without technical challenges.

Currently, the company features over 50 customers across six continents, with a team of 35 employees.

Co-founder Baran Ozkan says, “We were early-stage when the boom in AI came into effect, meaning we could implement AI-native solutions from the very start, something that more established companies running on legacy architecture have found challenging. Bad actors in financial crime are indeed finding new ways of using AI all the time, which is what makes the work Flagright is doing so important. This funding will allow us to further develop our AI agents that will allow financial companies to stay one step ahead.