Mimiro, formerly known as ComplyAdvantage has recently secured around €26 million in a Series B round led by Index Ventures, the London and San Francisco-based venture capital firm. Moreover, the existing investor Balderton Capital also took part in the round. With this, the company has totally raised $38.2M (€ 34.7M).
Accelerate global expansion!
Notably, Jan Hammer, Partner at Index Ventures who led the firm’s investments in Adyen and Robinhood, joins the Mimiro board. As per the press release, the company will be using this fund to accelerate the global expansion of its machine-learning platform for analysing the risk of financial crime.
350 clients in 45 countries
Founded by Charles Delingpole in London, the company is building a comprehensive global repository that provides an instant, accurate risk profile for every commercial entity and individual in the world. Mimiro has a growing list of 350 clients in 45 countries across the US, Europe and Asia, including major global banks.
How Mimiro helps firms?
They provide data intelligence to help firms understand the risk of who they’re doing business with while automating compliance and risk processes. The company solves the problem by using innovative deep learning and machine intelligence.
Provides real-time insight
Broader coverage allows Mimiro to spot tens of thousands of risk events from within millions of structured and unstructured data sources, every day. Mimiro’s suite of plug-and-play configurable cloud services seamlessly integrate to help automate and comply with Sanctions, AML and CTF regulations.
In addition to it, the company also lets clients tailor the product to focus on parameters that are particularly relevant to them. On average, Mimiro reduces the rate of false positives by 70 per cent.
Jan Hammer, Index Ventures partner, says:
Historically, financial crime tends to run ahead of the means of catching it; remedies have been reactive. Today, the problems are getting bigger, the risks and the penalties are more severe, and the old system can’t cope. Mimiro has a completely new approach, giving companies the power to get a fast, sophisticated understanding of where their risks lie.
We’ve been impressed by their traction with a wide range of customers, including their capacity to attract some of the world’s largest banks. The bigger vision – to get a complete picture of risk for all people and companies globally – has real potential to shake up the market.
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