Strise, a Norwegian company that uses AI to help banks and fintechs fight financial crime, has secured $10.8 million in a Series A funding round led by Atomico, one of Europe’s leading venture capital firms. The round also saw the participation of existing investors and angel investors.

Strise’s anti-money laundering (AML) intelligence software automates the Know Your Customer (KYC) process, which is a mandatory requirement for financial institutions to verify the identity and risk profile of their customers. By using Strise’s solution, banks and fintechs can reduce the time and cost of KYC diligence, as well as improve their compliance and customer experience.

Strise’s customers include some of the largest Nordic banks, such as Nordea, Handelsbanken, and Vipps MobilePay, who have reported significant savings and efficiencies since using the system. Strise claims that its software can reduce KYC diligence time by up to 90%, and save up to 50% of the cost per customer.

With the new funding, Strise plans to expand its international presence, starting with the UK as its next target market. The company also aims to grow its customer base across various industries that face AML challenges, such as insurance, gaming, and e-commerce.

Strise was founded in 2016 by a team of former bankers, data scientists, and engineers who saw an opportunity to use AI to solve the growing problem of financial crime. The company’s vision is to create a global network of AML intelligence that can help prevent money laundering and terrorism financing.

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