Strise, a Trondheim-based fintech startup, has successfully raised $10.8 million in a Series A funding round, with prominent venture capital firm Atomico leading the investment charge. Existing investors like Curiosity VC also joined the funding, along with a group of notable angel investors, including industry figures such as Camilla Giesecke, Phil Chambers, Allison Pickens, Riya Grover, Francois Callens, and Marcus Krylborn.
Strise specializes in advanced AI technology, streamlining customer onboarding and Know Your Customer (KYC)/Know Your Business (KYB) checks. This technology provides an efficient and cost-effective solution for combating money laundering.
The capital infusion will support Strise’s expansion into key European markets, starting with the United Kingdom. Don Hoang, formerly of Uber and Revolut, will join Strise’s board from Atomico, bringing valuable expertise to the company. Strise aims to continue its mission to combat financial crime and enhance AML compliance solutions.
Since its inception in 2019, Strise has become a significant player in the Nordic finance sector, with 70% of the region’s top-tier banks now utilizing their services. Major Nordic banks Nordea, Handelsbanken, and Vipps MobilePay are among its early customers. Global firms, such as US-based Orrick and UK’s EY, have already joined Strise’s Early Access Program in the UK.
The fresh capital infusion will facilitate Strise’s growth into crucial European markets, starting with the United Kingdom, and simultaneously strengthen its anti-money laundering (AML) product portfolio. Strise’s innovative strategy, harnessing the power of AI and GenAI technology, guarantees streamlined customer onboarding and intelligent, risk-based AML procedures. Furthermore, Strise provides continuous customer monitoring for real-time Know Your Customer (KYC) and Know Your Business (KYB) checks.
With rising financial crime, its innovative solutions tackle business challenges in KYC and KYB processes. This is transforming AML into a growth catalyst. It holds SOC 2 certification, ensuring data protection and compliance with privacy standards such as GDPR.
The United Nations estimated 2020 that around 2.7% of global GDP, equivalent to $1.6 trillion, is laundered annually worldwide. 2022, financial crime fines soared by over 50% to almost $5 billion. Strise’s dedication to innovation makes it a vital player in advancing transparent and secure financial systems.
