New Zealand-based anti-money laundering technology startup First AML has raised AU$ 7.3M in a Series A funding round. It was held in September 2020, led by Bedrock Capital along with participation from existing investors namely Pushpay founder Chris Heaslip and Icehouse Ventures. Most importantly, this is Bedrock Capital’s first APAC investment.
With 40 employees based in Auckland, the capital raised will be used to hire 10 new employees for its Sydney-based office.
About First AML
Milan Cooper along with his two co-founders, Bion Behdin and Chris Caigou, who were employed as corporate bankers when the first segment of AML regulations were presented for banks in 2013 founded First AML in 2017.
First AML is an expert outsourced Customer Due Diligence (CDD) service provider working in agreement with the AML/CFT Act 2009. In addition, its regtech (regulation tech) platform fulfills the compliance obligations for financial service providers, law firms, real estate agencies and accountants.
The Department of Internal Affairs (DIA) had suggested outsourcing these requirements because they had recognized the intricacies involved for reporting entities. As a result of working in the financial industry and going through the same difficulties the banks faced with the Phase 1 of the legislation in 2013, the founders accepted that outsourcing the CDD process is definitely the best option for the large majority of reporting entities. Thus, through its services one can save time and money, while also meaningfully reducing the risk to their business.
How it works?
Its Customer Due Diligence platform automates the identity verification of customers for comprehensive visibility and finding management errors in the process, thus minimizing money laundering risk.
Co-founder Milan Cooper said that the newly acquired funds from its new and previous investors have accelerated its plans of global market expansion and product development. Customers in countries like Australia and the US are taking a lot of interest as businesses look to prepare for the new regulatory requirements, therefore, First AML is now well positioned to capture these opportunities and offer the world’s best AML compliance platform. “It is a $184 billion global market, there’s massive opportunity out there”, he was quoted to say.
Famous with VC firms
First AML has already gained popularity in the local market, with numerous top VC firms using the platform. Blackbird Ventures is one such firm whose problem of the blockages caused by AML Compliance was reduced by removing the burden of collecting and verifying AML documents all because of the regtech startup’s platform, as said by the VC firm’s business operations manager Dan Danilov.
First AML is set to release a new platform planned for later this month. This platform will include enhanced biometric identification for remote verification. Also, new visual tools to help users comprehend the ownership of complex company structures.
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