New Zealand-Based Customer Due Diligence Platform First Aml Gets $21M Series B

Nov 01, 2021•over 3 years ago

Amount Raised

$21 Million

Round Type

series b

Privacy And SecurityInformation Technology

Description

More of the world’s economy is moving online, and that is underscored by the long list of recent fundings and acquisitions in the digital ID authentication and anti-money laundering (AML) space, including Okta’s $6.5 billion acquisition of Auth0. Today, another startup announced it has raised capital: end-to-end due diligence platform First AML.

Company Information

Company

First Aml

About

Today, another startup announced it has raised capital: end-to-end due diligence platform First AML. The company also plans to double its employee count from 90 to 180.Okta acquires cloud identity startup Auth0 for $6.5B “Essentially we figure out what’s going on in these complex entity structures, which are very prevalent in financial and other sectors, and then the platform facilitates data collection from multiple stakeholders within that complex entity, including biometric ID verification, and uploaded documents,” Cooper explained. “They might offer a solution for identity verification of a single person, whereas we are taking that whole process off their hands, which includes digging through the layers of a complex entity to understand who the beneficial owners are and coordinating the data collection process from multiple beneficial owners.”For example, law firms that need to comply with AML regulations use First AML to conduct KYC on potential clients, which may include companies with multiple shareholders, directors and subsidiaries, that all need to be checked.

FundzWatch™ Score

Medium Activity

Buyer Intent Analysis

Get personalized insights on buying likelihood

Funding Insights

Based on industry data

Tech investment trends