London-based Armalytix has raised a further $1m (£920,000) for its anti-money laundering (AML) software that checks where funds originate from.
The capital came from angel investors with experience at HSBC, UBS, Bank of America and Goldman Sachs.
Richard McCall, CEO, Armalytix, said: “This capital, raised from individuals with first-hand knowledge of the AML challenges facing the finance sector, will help Armalytix to expand its growing market stronghold across legal and property.”
Armalytix says its software helps businesses to be AML compliant in industries such as blockchain, financial services and accounting.
Being compliant with AML is an important regulatory requirement for businesses, as failing to comply can result in fines.
McCall added: “Additionally, we have seen increasing numbers of fines relating to source of funds across finance and betting and gaming, which presents a clear opportunity to help more firms in these sectors.”
The funding follows on from a previous £1.25m in August last year from various angels with banking experience.
Mike Stewart, investor and former UBS Private Bank, said: “Over the years in my various roles within global banking I’ve experienced first-hand the challenges in establishing Source of Funds. Armalytix is a business ahead of the curve, having dramatically simplified this complex AML check.”
Other anti-money laundering software startups include Thirdfort.
The National Crime Agency (NCA) in July seized £27m in a money laundering crackdown.
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