Arachnys, the leader in Customer Risk Intelligence solutions for Know Your Customer (KYC), Anti Money Laundering (AML) and Enterprise Due Diligence (EDD), today announced it has completed a $10 million Series A funding round led by QED and other investors.
Arachnys will use the proceeds to accelerate product R&D, expand go-to-market efforts and further develop strategic partnerships integrating its cloud platform within established compliance and onboarding platforms. The company will also establish a new delivery and implementation organization to satisfy demand within its growing pipeline for global deployments of its Customer Risk Intelligence solutions.
Amias Gerety, Arachnys Board Member, Partner at QED Investors, and former Acting Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury, said: “We chose to invest in Arachnys for its superbly talented founders, seasoned leadership and a solution that is miles ahead of traditional AML vendor’s products. They’ve staked out a clear leadership position in the emerging Customer Risk Intelligence market and we’re proud to be their partner in supporting their explosive growth. ”
The funding follows a year in which Arachnys doubled its business and secured new tier one enterprise deployments of its cloud-native, Customer Risk Intelligence platform in North America, Western Europe and Southeast Asia. They have expanded their global executive team with key sales and marketing appointments and recently added four financial crime prevention veterans to their advisory board.
“Increased regulation, coupled with new AML, KYC and EDD requirements continue to pressure banks and financial institutions. This funding round accelerates our ability to help clients automate and transform their financial crime prevention initiatives into a revenue accelerator, while expediting regulatory compliance,” said David Buxton, CEO & Founder of Arachnys. “Arachnys is passionate about helping financial institutions stop bad actors and rapidly onboard valued clients by powering the investigative minds that secure their firms and our world.”
“More than ever financial institutions need the Arachnys Customer Risk Intelligence platform to uplevel their financial crime prevention efforts,” said Greg Meekings, Board Chairman at Arachnys. “Arachnys will use this venture funding to further enrich the platform and rapidly deliver its solutions to market.”