Post-event fraud operations startup ComplyStream has officially launched after closing its maiden funding round.
The round was led by Cornerstone VC and Ascension and the startup has been built by a team with experience at JPMorgan, Tide, BVNK, and Thredd.
The investment will be used to expand the team, onboard new customers and continue enhancing the platform’s capabilities.
The London-based startup says it is redefining FinCrime operations for financial institutions by addressing problems associated with fragmented tools, false positives, and delayed investigations.
Its platform combines workflows and data, using AI to simplify decision-making and reduce friction, helping institutions manage post-event financial crimes more efficiently.
ComplyStream’s founders, Kartik Dabbiru and Sandeep Samantaray, have decades of experience in financial crime, payments, and FinTech and identified the need for the platform.
“Our platform aims to shift the narrative from reactive to proactive compliance,” said CEO Dabbiru.
“We’re empowering financial institutions by unifying their existing tools to resolve cases faster, and reduce inefficiencies, so they can free up resources to focus on growth. We’re setting a new standard for post-event financial crime operations”
Rodney Appiah, managing partner at Cornerstone VC, added: “Financial crime remains one of the biggest challenges facing institutions globally and continues to cause huge economic and social harm by undermining the financial system on which billions of people depend.
“We are therefore delighted to back Kartik and Sandi in their mission to redefine financial crime operations and turn it into a strategic advantage for the compliance industry.”