First AML bags $5.4m in its latest funding round

New Zealand-based RegTech startup First AML has bagged $5.4m in its Series A round, which was led by Bedrock Capital.

The investment marks Bedrock Capital’s first investment into the APAC region.

Additional contributions to the round came from Pushpay founder Chris Heaslip and Icehouse Ventures.

The company’s platform streamlines the anti-money laundering (AML) compliance processes for financial service providers, law firms, real estate agencies and accountants. Its end-to-end customer due diligence platform automates the identity verification of customers, supplying them with greater visibility and management oversight of the process, minimising money laundering risk.

A new version of the First AML platform is scheduled to be released later in the month and will offer improved biometric identification for remote verification. It will also offer new visual tools to help users understand the ownership of complex company structures.

First AML co-founder Milan Cooper said, “Our plans to accelerate global market expansion and product development have just got a whole lot bigger.

“Interest from customers in countries like Australia and the US is heating up as businesses look to prepare for the new regulatory requirements, and we are now well placed to capture these opportunities and offer the world’s best AML compliance platform thanks to our new investment partners at Bedrock. This is a $184 billion global market – there’s massive opportunity out there.”

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