Marit Rødevand, Patrick Skjennum and Sigve Søråsen (L-R)/Strise
Financial crime: Strise raises $10.8m for AML automation expansion
The UK is a top priority for Nordic anti-money laundering startup Strise’s next move.
Anti-money laundering automation platform Strise has raised a $10.8m Series A funding round.
The Oslo-based company, which uses AI to enable the automation of manual compliance and risk processes, will use the new cash for international expansion across European markets, starting with the UK.
Nordic banks such as Nordea, Handelsbanken and Vipps MobilePay, one of Europe's largest bank-owned mobile payment providers, were all early customers of Strise, which launched in 2019.
Other customers include US law firm Orrick and EY’s UK business.
Strise says its users have reported a 90 per cent reduction in time spent on due diligence and a 30 per cent reduction in costs associated with AML.
“If banks don't adapt to AI, they risk falling behind. With crime and regulations becoming more complex, traditional methods aren't enough,” said Marit Rødevand, CEO and co-founder of Strise.
“Without automation, fighting financial crime becomes costly and inefficient. Strise is leading the way in this change - we help AML and compliance teams work faster, detect crime more accurately, and stay compliant, protecting their reputation in the process,” she said.
Atomico led the funding, which also included some of the firm’s angel investors such as Klarna’s chief operating officer Camilla Giesecke), Phil Chambers (founder of Peakon), Allison Pickens (former COO of Gainsight), Riya Grover (CEO and co-founder of Sequence), Francois Callens (former CFO of Depop) and Marcus Krylborn (growth at Snap).