UK-based monetary crime compliance options firm Napier AI has acquired a majority progress funding from Marlin Fairness Companions.
As we speak’s funds add to Napier AI’s current $55.8 million in funding and might be used to help international enlargement and R&D.
The corporate’s Napier Continuum AI-powered AML compliance platform serves over 100 monetary establishments, together with main gamers like HSBC and State Avenue, utilizing AI and information science to assist compliance groups make sooner, extra correct selections.
Monetary crime compliance options firm Napier AI has acquired a majority progress funding from Marlin Fairness Companions. The quantity of the funding was undisclosed, however might be added to Napier’s $55.8 million in current funds from the corporate’s 2024 spherical.
“The Napier AI group impressed us with their strategic and progressive product providing, and devoted buyer focus. Because the regulatory panorama turns into extra advanced, this mission-critical compliance-first AI platform is well-positioned to ship continued progress within the international anti-financial crime market,” mentioned Marlin Managing Director Mike Wilkinson. “We’re excited to work alongside the Napier AI administration group and are thrilled to help the corporate’s imaginative and prescient of serving to extra enterprises successfully and effectively put a halt to cash laundering actions.”
The U.Okay.-based firm mentioned that it’s going to use the funds to “advance its market place by ongoing analysis and growth” and help its international enlargement.
Napier was based in 2015 and gives Napier Continuum, an anti-money laundering (AML) compliance suite that gives AML screening and monitoring options in a modular platform that helps companies scale. The corporate leverages AI and information science to assist compliance groups make selections shortly and precisely. The Continuum platform counts greater than 100 monetary establishment shoppers, together with HSBC, State Avenue, Mizuho Belief & Banking, SS&C, Starling Financial institution, ClearBank and WTW.
“We consider our AI-enabled merchandise and passionate workers enable us to ship distinctive worth to clients and companions,” mentioned Napier AI CEO Greg Watson. “In an period of ever-evolving monetary crime threats, having a contemporary answer leveraging AI and automation is paramount to sustaining regulatory compliance and defending the monetary providers business from dangerous actors. We’re delighted to have discovered the appropriate companion at such a pivotal second in our journey to assist us proceed our momentum and develop the Napier AI model globally. Marlin has an unimaginable heritage in serving to companies like ours to scale and innovate, and we’re assured each our clients and our groups will see rapid advantages from Marlin’s funding.”
Napier mentioned that the funding highlights the demand for AI-based AML options in as we speak’s more and more advanced regulatory setting. It additionally comes at a time when the fintech sector is shortly growing AI-powered instruments to handle monetary crime, which displays the monetary providers business’s pressing must fight more and more superior fraud strategies whereas concurrently assembly stringent regulatory necessities.
Napier demoed its Buyer Screening and Transaction Monitoring Enhancement software program at FinovateEurope 2018 in London. At this yr’s FinovateEurope occasion, going down 25 by 26 February, we’ll showcase 30+ demoing firms, a lot of that are leveraging AI. Register as we speak utilizing this hyperlink and save 20% in your ticket.
Photograph by Harrison Fitts
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