Anti-financial crime AI-platform Mimiro raises $30 million

Anti-financial crime AI-platform Mimiro raises $30 million
30.01.2019 10:24 am

Anti-financial crime AI-platform Mimiro raises $30 million

Artificial Intelligence , Security

Mimiro (formerly ComplyAdvantage) has raised USD $30 million from investors to accelerate the global expansion of its machine-learning platform for analysing the risk of financial crime. By swiftly and intelligently verifying parties and transactions, Mimiro fundamentally changes how companies assess who they’re doing business with – offering organisations greater confidence in their own operations, attacking financial crime and reducing laborious manual checks. Mimiro has a growing list of 350 clients in 45 countries across the US, Europe and Asia, including major global banks.

Index Ventures, the London and San Francisco-based venture capital firm, led the Series B round, and were joined in the round by existing investor Balderton Capital. Jan Hammer, Partner at Index Ventures who led the firm’s investments in Adyen and Robinhood, joins the Mimiro board. 

As the global economy becomes increasingly complex and interconnected, it’s now more vital – but also more difficult – than ever to get a clear picture of the entity on the other side of the table during a transaction or business relationship. Geopolitical instability, lengthening supply chains, increased migration and the growth of emerging markets all put pressure on companies to improve their standards for verifying the risk and legitimacy of counterparties and payments.

While financial crime and ‘know your customer’ rules are Mimiro’s near-term focus, the company is building a comprehensive global repository that provides an instant, accurate risk profile for every commercial entity and individual in the world.

‘We exist because globalisation is intensifying the business problems of trust,’ says Mimiro’s CEO and founder Charles Delingpole, who previously founded MarketInvoice. ‘To offset concerns, many businesses can be hyper-cautious and conservative, losing out on commercial opportunities – in some cases abandoning entire countries or industries.’

In the post-9/11 environment, companies have been spending hundreds of billions of dollars each year to understand who they're doing business with. But businesses are typically reliant on ineffective solutions that generate large amounts of manual work, plus silos of data that have patchy coverage and can't easily be combined. The system is beset with false positives which divert attention from following up on genuine red flags. Multiple scandals, where banks have been fined billions of dollars for facilitating illegal activity, point to the ongoing reputational and commercial dangers of getting things wrong.[1]

Mimiro solves the problem by using innovative deep learning and machine intelligence. The company’s self-improving algorithms absorb and scour millions of structured and unstructured data sources daily – including registers of high-level national and international sanctions, individuals who should be treated with caution, and adverse media coverage. As a result, Mimiro builds a holistic snapshot of an entity’s risk in real-time, and spots nuanced patterns across users and transactions that would elude a human assessor. 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.’

Hammer adds: ‘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.’

 

Related News

Capacity Unveils AI Knowledge Sharing Platform; Boosts Workplace Productivity

Capacity officially introduced its secure, AI-native knowledge-sharing platform. Designed to meet the expectations of today’s workforce, Capacity is a cloud-based system built... Read more »

Calypso and 2021.AI team up to leverage AI in financial institutions

Calypso Technology Inc. and 2021.AI are joining forces in a new partnership with the aim of optimizing back-office processes for Calypso’s global client base. Combining their... Read more »

DataRobot launches its First AI Investment Workflow with FactSet

FactSet (NYSE:FDS) (NASDAQ:FDS), a global provider of integrated financial information, analytical applications, and industry-leading service, and ... Read more »

Swiss Re Group Chooses Expert System to Power Knowledge-Intensive Processes with Artificial Intelligence

Expert System announces that it has been working with Swiss Re leveraging the advanced features of Cogito®, a strategic NLU (Natural Language Understanding) technology. With... Read more »

FinTech partnership strengthens position of five°degrees and W.UP in European banking and finance market

Today five°degrees; a digital core banking provider, announces its partnership with W.UP, a banking provider that uses artificial intelligence to generate digital revenue and... Read more »

Capita partners with UiPath to enhance RPA capability

Capita announces it has entered a partnership with UiPath, the world’s leading Robotic Process Automation (RPA) software provider. As Capita’s preferred provider of RPA... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel