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Business Standard

Zango raises $4.8 mn to scale AI-native compliance tools, expand teams

Regulatory compliance startup Zango has raised $4.8 million in a seed round led by Nexus Venture Partners, with participation from South Park Commons — the company's first backer, where Zango was incubated — along with Richard Davies, CEO of Allica Bank; Alan Morgan, Senior Partner, Financial Services, at McKinsey (EMEA) and Chairman, Adfisco; Mark Ransford of Notion Capital; No Label Ventures; and Start Ventures. The funds raised will be used to expand teams in London and Bengaluru, and to build out additional product modules for an AI-native Governance, Risk and Compliance (GRC) solution. Zango also plans to extend its services beyond banking into other financial services verticals, such as insurance and asset management. 'We don't sell a platform — we sell a solution,' said Ritesh Singhania, Co-founder of Zango. 'Our AI agents are paired with humans-in-the-loop to ensure 100 per cent accuracy. Peace of mind doesn't come from a tool; it comes from a result. That's why we win against consultants — because they don't just sell software, and neither do we.' Zango is actively used by established banks such as Novobanco, the fourth-largest bank in Portugal, and is gaining traction with leading neo banks in the EU and UK, including Monzo and Juni, said the company. Zango was co-founded by Ritesh Singhania and Shashank Agarwal, both second-time founders with deep experience in regulatory technology. Singhania previously founded ClearGlass, a pension compliance platform, and served as Head of Technology at Simplitium (acquired by NASDAQ). Agarwal co-founded Third Watch, an AI-powered fraud detection startup (acquired by Razorpay, valued at over $7.5 billion), and led trust and compliance engineering at PhonePe, which is gearing up for India's largest IPO. 'The global regulatory landscape is ripe for disruption,' said Anand Datta, Partner at Nexus Venture Partners. 'Ritesh and Shashank, with their first-hand, proven expertise, developed Zango's first-principles approach: uniquely marrying cutting-edge AI with human compliance expertise. Their AI-led solution is already augmenting compliance teams and increasing their efficiency at global financial institutions. We're incredibly excited to be part of their journey.'