Fincom, a RegTech company specialising in anti-money laundering (AML) compliance and sanctions screening, has raised new capital in a Series B funding round.
The round was led by Nasdaq Ventures, with participation from Macquarie Group, G1 Ventures, and existing backers AnD Ventures and ff Venture Capital. The exact amount of funding was not disclosed.
Fincom is known for its advanced approach to sanctions screening, which uses proprietary algorithms, computational linguistics and phonetic matching to deliver more accurate and cost-effective compliance results. Its technology is designed to be language-agnostic and compatible across multiple data formats, helping financial institutions reduce false positives and improve efficiency.
The new investment will support Fincom’s international growth, particularly in North America, and help launch new products such as screening for politically exposed persons (PEPs), adverse media, and verification of payee (VOP) tools.
As part of the announcement, Fincom also revealed a new partnership with Nasdaq Verafin, Nasdaq’s financial crime management business. The collaboration will bring enhanced AML capabilities to a global network of over 2,600 financial institutions.
Fincom CEO Gideon Drori 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.”
Macquarie Capital’s Gary Munitz added, “Nasdaq Ventures senior vice president Gary Offner said, “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.”
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