As per the UN’s estimates in 2020, nearly 2.7% of global GDP, which is $1.6 trillion, is laundered worldwide every year. Also, $7 trillion in private wealth is hidden in haven countries, with 10% of world GDP held offshore. As financial crime continues to rise, so do fines surging over 50% to almost $5 billion in 2022.
Norway-based Strise, the anti-money laundering (AML) intelligence software company uses AI to fight financial crime. Now, the company has raised $10.8 million in Series A funding. While Atomico (which backed TestGorilla and Vaayu) led the round, it saw participation from existing investors.
It also saw participation from a distinguished group of angel investors, including Camilla Giesecke (Klarna COO), Phil Chambers (founder of Peakon, exited to Workday), Allison Pickens (former COO of Gainsight), Riya Grover (CEO and co-founder of Sequence), Francois Callens (former CFO of Depop) and Marcus Krylborn (growth at Snap).
Atomico Partner Don Hoang, a former senior executive at Uber and Revolut, will join the Strise board.
This funding will drive Strise’s international expansion across key European markets, starting with the UK and expanding its customer base across the financial, insurance, legal, and other industries.
In addition to this, Strise will also deploy the funding to further enhance its end-to-end AML product offering, solidifying its place as a leading disruptor in the fight against financial crime and ensuring safer and more transparent business dealings.
Marit Rødevand, CEO and co-founder of Strise, commented, “If banks don’t adapt to AI, they risk falling behind. With crime and regulations becoming more complex, traditional methods aren’t enough. Without automation, fighting financial crime becomes costly and inefficient. Strise is leading the way in this change – we help AML and compliance teams work faster, detect crime more accurately, and stay compliant, protecting their reputation in the process.”
Atomico partner Don Hoang said, “Strise’s powerful knowledge graph, combined with AI and NLP technologies and an intuitive user interface is a game-changer for compliance teams. Its existing customers, including major Nordic banks and payment services, have reported a 90% reduction in diligence time and a 30% cost saving since implementing the system. We are proud to partner with founders Marit, Sigve and Patrick, who are on a mission to finally stop financial crime by building the first automated AML platform that everyone wants to use.”
Deploys AI to tackle financial crimes
Strise was founded by Marit Rødevand, Patrick Skjennum, and Sigve Søråsen in 2019 in Oslo, Norway. The Strise system combines a robust knowledge graph with a user-friendly interface, effortlessly incorporating AI advancements.
The seamless blend of network data, AI, and natural language processing technologies empowers regulated companies with intelligent insights to simplify customer onboarding and implement smart risk-based AML processes. Strise also offers real-time, comprehensive KYC and KYB checks through perpetual customer monitoring.
With SOC 2 certification, Strise also ensures data protection and adherence to stringent privacy standards such as GDPR and safe user journeys.
