RegTech innovator Global Screening Services has completed an initial funding round of £37 million.

Over the past two years, GSS has partnered with leading financial institutions around the world to create a new collaborative approach to compliance, initially focusing on sanctions screening. 

In October, SWIFT announced a formal partnership with GSS, providing their expertise on security and data privacy, along with sanctions-specific support on RFIs and assurance.

Investors in the funding round include AlixPartners, The Cynosure Group and MUFG. Randal Quarles, chairman and co-founder of The Cynosure Group, and former Vice Chairman of the Federal Reserve System and Chairman of the Financial Stability Board, has joined the GSS board. 

William Langford, global head of financial crimes compliance and chief compliance officer for the Americas at MUFG, will serve as an observer to the GSS board.

Incubated by AlixPartners since 2021, GSS is now a standalone company with over 140 people supporting the business on a full-time basis. The GSS platform establishes new standards, leverages technologies including artificial intelligence, and an ecosystem of financial institutions and industry partners to provide streamlined compliance screening for sanctions. 

It aims to help decrease friction for the millions of international payments that are delayed by screening, whilst improving standards across the industry.

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“Sanctions screening is both an international security imperative and one of the major sources of friction in the global payment system – at a time when consumers and businesses are increasingly demanding real-time settlement,” said Tom Scampion, CEO of GSS.

“GSS is uniquely positioned to deliver improved regulatory compliance and an enhanced customer experience. We’re delighted to have closed this funding round and to be working with such incredible partners to take GSS to market.”

Quarles added: “Cynosure invests in rapidly growing, founder and management-owned businesses. Within the world of screening, GSS is the right business at the right time, addressing a problem that is well understood but until now, poorly addressed. 

“We are excited to be partnering with Alix Partners and the GSS management team to be a part of this solution.”

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