Arachnys gets $10m funding in its web
Arachnys, a provider of know your customer (KYC), anti-money laundering (AML) and enterprise due diligence (EDD) solutions, has completed a $10 million Series A funding.
The round was led by QED, alongside other investors. The capital will be used for product R&D, as well as develop partnerships integrating its cloud platform within compliance and onboarding platforms
The company will also establish a new delivery and implementation organisation to keep up with its “growing pipeline”.
“Increased regulation, coupled with new AML, KYC and EDD requirements continue to pressure banks and financial institutions,” says David Buxton, CEO and founder of Arachnys. “This funding round accelerates our ability to help clients automate and transform their financial crime prevention initiatives into a revenue accelerator, while expediting regulatory compliance.”
Amias Gerety, Arachnys board member, partner at QED Investors, says: “We chose to invest in Arachnys for its superbly talented founders, seasoned leadership and a solution that is miles ahead of traditional AML vendor’s products.”
The funding follows a year in which Arachnys “doubled its business” and secured new tier one enterprise deployments of its customer risk intelligence platform in North America, Western Europe and Southeast Asia.
Recently, client lifecycle management (CLM) technology Fenergo teamed up with Arachnys to leverage the latter’s regtech.