Nasdaq Ventures and Macquarie Bank invest in Fincom
0
This investment marks a significant milestone in Fincom's growth journey and underscores confidence in its vision and market potential.
Global banks are facing increasing complexity in managing sanctions compliance, with resource constraints, evolving regulatory requirements, and limitations in legacy Sanctions and Watchlist screening solutions that result in high volumes of false positives. According to research by Celent, sanctions screening alone makes up 20% of the $35 billion spent on Financial Crime & Compliance technology by financial institutions globally. The digitization of financial services has led to faster payments, requiring scalable solutions that handle an increased volume of transactions. Meanwhile today's geopolitical landscape underscores the need for additional data and multilanguage capabilities.
Fincom's unique approach to sanctions screening leverages proprietary computational linguistics, distance-based algorithms, and advanced phonetics that are structure-, language-, and data source-agnostic. This innovative approach enables Fincom to more seamlessly compare and match written text in multiple languages and sources, delivering greater accuracy and efficiency in alerts all while consistently driving over 80% operational cost savings for its clients. Today, dozens of U.S. banks leverage Fincom's AML compliance solutions to mitigate sanctions risk and ensure regulatory compliance.
Gideon Drori, Founder and CEO of Fincom, said 'This investment is a testament to the hard work and achievements of our team, our customers' confidence in our solutions, and the trust our investors have in our vision. We are excited to take the next step in enhancing the AML compliance space, making a substantial positive impact and delivering significant value to our current and future customers.'
In addition to joining the Nasdaq Ventures portfolio, Fincom will enter a global partnership with Nasdaq Verafin, Nasdaq's financial crime management technology business. A trusted partner to more than 2,600 financial institutions, Nasdaq Verafin has delivered industry-leading solutions and innovative data approaches to address the complex needs of banks' anti-financial crime programs for more than two decades. Through this partnership, financial institution clients of Nasdaq Verafin and Fincom will benefit from advanced Sanctions Screening capabilities, leading to increased efficiency, reduced costs, better compliance, and improved customer engagement through innovative technology.
'Fincom brings a wholly unique and innovative approach to sanctions screening that delivers faster, more accurate results when compared to legacy approaches, simplifying the increasingly complex world of AML compliance and enabling improved regulatory adherence,' said Gary Offner, Senior Vice President, Head of Nasdaq Ventures at Nasdaq. 'We are pleased to welcome Fincom to the Nasdaq Ventures portfolio. With the launch of our new partnership between Nasdaq Verafin and Fincom, we have an opportunity to build upon the natural synergies between our two platforms, leveraging state-of-the-art technologies to help our clients better identify and address instances of potential financial crime.'
Gary Munitz, Global Co-Head Macquarie Capital Venture Capital, said 'Fincom's AML solutions deliver exceptional value, as evidenced by the company's extraordinary growth and stellar client retention. We are excited to partner with Fincom's founders and employees to accelerate their strategy of replacing legacy providers and manual processes with cloud-based, market-proven AML solutions.'
Earlier this year, Fincom announced the expansion of its U.S. team to support the growing North American market. Proceeds from the Series B financing will support Fincom's efforts to accelerate its international growth and launch new offerings, including screening for Politically Exposed Persons (PEPs) and adverse media, as well as Verification of Payee (VOP) services.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
37 minutes ago
- Reuters
Morning Bid: US and EU avert tariff bust-up
A look at the day ahead in European and global markets from Gregor Stuart Hunter We may be hearing a lot about the art of the deal this week. With the U.S. tariff deadline bearing down on the global economy at the end of this week, it's the EU's turn to announce a trade deal with the White House, albeit one that is skewed in the U.S.'s favour. The agreement lowers the baseline tariff on most European imports to 15% from the Trump administration's earlier threat of a 30% rate, while committing the EU to invest some $600 billion in the United States. Governments around the world are racing to reach trade agreements with the U.S. to avert the imposition of the Liberation Day tariffs that were first announced on April 2. Talks are also taking place between the U.S. and China in Stockholm on Monday, with reports indicating another 90-day extension to the tariff deadline may be in the works. As Vasu Menon, managing director for investment strategy at OCBC in Singapore, puts it: "The 15% tariff is a pleasant surprise as it is half of what the U.S. threatened to impose on the EU, and it offers hope that other major trading partners of the U.S. could also strike deals of this nature soon." The deal appears to mirror the one struck between the U.S. and Japan last week, with a pattern emerging of unilateral investment in exchange for a lower tariff. That could indicate what to expect as talks go down to the wire with other big economies like China, South Korea and Taiwan. The new U.S. tariff rate on the EU extends to medicinal and pharmaceutical products and motor vehicles, which were the bloc's biggest exports to the U.S. last year. Aircraft and their components, the next biggest segment, will have zero-for-zero tariffs, though the U.S. will keep in place a 50% tariff on steel and aluminium. Investors welcomed the trade deal that avoids a trade war and could bring clarity for companies. Pan-region futures climbed 1%, German DAX futures rose 1%, and FTSE futures gained 0.5%. U.S. equity futures rose 0.4% following the deal, putting the S&P 500 on track for a sixth consecutive day of gains and potentially a new peak. Earnings from Heineken ( opens new tab will headline the corporate diary on Monday as the world's second-largest brewer counts the cost of tariffs. However, the firm's shares will likely get a boost from the newly-agreed framework deal along with automakers (.SXAP), opens new tab and drugmakers (.SXDP), opens new tab in the region. Key developments that could influence markets on Monday: Earnings: Heineken NV, Wise PLC, EssilorLuxottica SA UK data: CBI Distributive Trades for July Debt auctions: France 3-month, 7-month, 9-month and 1-year Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here.
Daily Mail
3 hours ago
- Daily Mail
Star Trek legend William Shatner discovers powerful new way to live forever
A groundbreaking program has now made it possible to preserve your life stories and wisdom, allowing you to speak to loved ones decades into the future. StoryFile, an innovative AI company, has developed lifelike, interactive 3D avatars that allow people to 'live on' after death, sharing memories and answering questions in the same natural and conversational manner of a real person. Individuals like philanthropist Michael Staenberg, 71, and Star Trek star William Shatner, 94, have used StoryFile to immortalize both their experiences and personalities. Staenberg, a property developer and philanthropist who has given away more than $850 million, said: 'I hope to pass my knowledge on, and the good I've created.' The technology captures video interviews, transforming them into hologram-style avatars that use generative AI, similar to ChatGPT, to respond dynamically to questions. StoryFile's avatars have been employed in museums since 2021 to preserve the voices of historical figures like WWII veterans and Holocaust survivors, and by terminally ill individuals to connect with family after death. Until now, the company has offered a premium service costing tens of thousands of dollars, but a new, affordable app launching this summer will allow everyday people to record their own AI avatars for less than the cost of a monthly cellphone plan. Staenberg added that he'd like to imagine other business people and family members still having a chance to interact with him 30 years from now. 'It's important to get my version so the details aren't forgotten. I've had quite a crazy life, so I'd have a lot of stories that I don't want people to forget,' Staenberg said. More than 2,000 users have used the previous version. However, the new Storyfile app will allow users to interview themselves on video and create an intelligent avatar they can keep adding chapters to as they answer more questions about their lives. Previously, the Storyfile avatars could understand the intent of people talking to them, but could only respond with pre-recorded video answers. Storyfile's newer AI avatars will be able to generate an answer based on the persona from the recorded interviews, and it will be able to approximate an answer to any question. The company has gotten a huge number of daily queries from people who have been diagnosed with terminal illness and who hope to preserve their legacy in an avatar. Storyfile CEO Alex Quinn said: 'Every day we'll get very sad and heart-wrenching emails, saying things like "My son was just diagnosed with terminal cancer."' Others have expressed fear over their parents aging, asking for a way to keep their memories intact for the future. Quinn added that Storyfile would never be able to accommodate all those requests if they had to send their video production team to all of those customers. The solution was to make a 'DIY' version, where people record their own answers to an AI 'interviewer' using the app - answering questions on everything from their career to their family to their tastes in food. The app will come with 'permanent cold storage' so that avatars remain safe once recorded, and users can keep adding new video and new information. Quinn admitted that because Storyfile avatars use generative AI there is a possibility it could initially say 'crazy' stuff, but noted that the replica of the person will become more and more realistic the more users speak to the program. 'It's almost like an AI FaceTime where you're interviewed by an AI interviewer, and it's able to probe and go deep on certain topics,' the CEO said. 'If you've got a couple days, or you've got free time, and you want to understand your question every now and then, you're just going to keep on adding to your digital memories, and it's going to get more and more sophisticated, more and more personalized,' he continued. Tech pioneers such as inventor and futurist Ray Kurzweil have already used AI to recreate lost relatives. Kurzweil created a 'dad bot' based on information about his father Fred in 2016. The 'Fredbot' could converse with Kurzweil, revealing that what his father loved about topics like gardening. It even remembered his father's belief that the meaning of life was love. 'I actually had a conversation with him, which felt a lot like talking to him,' Kurzweil told Rolling Stone Magazine in 2023. He believed that some form of his dad bot AI would be released to the public one day, enabling everyone to stay in touch with their dead relatives from beyond the grave. 'We'll be able to actually create something like a large language model that really represents somebody else by having enough information,' he predicted.
Reuters
5 hours ago
- Reuters
Samsung Elec signs $16.5 billion contract to supply semiconductors
SEOUL, July 28 (Reuters) - Samsung Electronics ( opens new tab said on Monday it has signed a contract valued at $16.5 billion to supply semiconductors to a major global corporation, in a regulatory filing. It did not name the counterpart. Samsung Electronics declined to comment on the contract. ($1 = 1,383.6800 won) ($1 = 1,383.6800 won)
