Financial news

“Its existing customers, including major Nordic banks and payment services, have reported a 90 per cent reduction in diligence time and a 30 per cent cost saving since implementing the system.”

“We are proud to partner with founders Marit, Sigve and Patrick, who are on a mission to finally stop financial crime by building the first automated Anti-Money Laundering (AML) platform that everyone wants to use,” adds Hoang.

Besides Atomoico, existing investors Curiosity, Maki.vc and Sondo, also participated in this round.

Additionally, a group of angel investors also joined in on the round including Camilla Giesecke (Klarna COO), Phil Chambers (founder of Peakon, exited to Workday), Francois Callens (former CFO of Depop), Marcus Krylborn (growth at Snap) and Riya Grover (CEO and co-founder of Sequence).

How will the funds be utilised?

Strise plans to use the funds to expand internationally, starting with the UK, and target customers in finance, insurance, legal, and other sectors. 

The funding will also be used to enhance its end-to-end AML product suite, solidifying its role as a leading disruptor in the fight against financial crime and promoting transparency in business operations.

$1.6T is laundered globally every year

In 2020, the UN estimated that $1.6T, equivalent to 2.7 per cent of global GDP, is laundered annually, with $7T hidden in offshore havens, representing 10 per cent of world GDP. Financial crime is on the rise, leading to fines of nearly $5B in 2022, up by over 50 per cent.

Many businesses struggle with AML due to issues in their KYC and KYB processes, despite significant compliance investments. These compliance challenges can be all-consuming for management, resulting in steep fines, costly remediation efforts, and reputational damage.

Strise has developed an AI-powered system that automates KYB and KYC processes, making AML compliance more efficient and turning it into a growth opportunity for regulated businesses.

The platform is SOC 2 certified for data protection and complies with privacy standards like GDPR, ensuring secure user experiences and regulatory compliance.

“Turn AML from a manual burden to an automated winner”

Founded in 2016 by Marit Rødevand, Patrick Skjennum and Sigve Søråsen, Strise offers banks and fintech companies a smart system to automate KYC processes, improve performance, and effectively implement regulatory changes to comply with modern AML standards.

The company uses AI to boost the efficiency of AML and compliance teams, reducing due diligence time by 90 per cent and cutting costs by 30 per cent. The platform also provides clear audit trails and auto-generated risk reports, making it a preferred choice for AML systems.

Additionally, the company offers real-time, comprehensive KYC and Know Your Business (KYB) checks through continuous customer monitoring.

Rødevand says, “If banks don’t adapt to AI, they risk falling behind. With crime and regulations becoming more complex, traditional methods aren’t enough. Without automation, fighting financial crime becomes costly and inefficient.”

“Strise is leading the way in this change – we help AML and compliance teams work faster, detect crime more accurately, and stay compliant, protecting their reputation in the process.”

Since its launch in 2019, Strise claims to have become a significant player in the Nordic finance sector, with 70 per cent of the region’s top-tier banks, including Nordea, Handelsbanken, and Vipps MobilePay, using its services. 

The company has automated AML processes, turning them from manual burdens to efficient solutions. It has also expanded its reach beyond the Nordics, with US-based law firm Orrick joining its Early Access Programme in the UK.

How will the funds be utilised?

Strise plans to use the funds to expand internationally, starting with the UK, and target customers in finance, insurance, legal, and other sectors. 

The funding will also be used to enhance its end-to-end AML product suite, solidifying its role as a leading disruptor in the fight against financial crime and promoting transparency in business operations.