US-based Compliance.ai has closed its Series A funding round on $3m, which will enable the company to expand into international jurisdictions.
The investment round was led by Cota Capital.
Compliance.ai helps compliance teams improve their workflows by leveraging AI to replace time-consuming processes and manual work. Users can access the latest regulatory updates, insights, news, announcements and intelligence through a personalised dashboard to better understand the breadth of regulation.
Its Expert Connection service lets users connect with domain experts that have published manuals, whitepapers and provide guidance.
The RegTech has recently added two premium content partners to the platform.
The first is Nacha, which develops rules and standards for financial transactions that improve compatibility and integration among financial institutions. It is the primary standards information resource of various transaction categories, including automated clearing house, electronic benefits transfers and healthcare electronic benefits transfers.
Its other partner is WesPay, which is a payments association with a library of reference guides on transaction types.
In conjunction with the close of the round, the company has named several new advisory board members. Joining the board are ProBank Austin managing director Marty Mitchell, Fannie Mae vice president Christine Reddy, LawVisory founder Jeffrey Smith and certified financial crime specialist Kelvin Dickenson.
Mitchell said, “The primary challenge of a successful compliance management system is the critical component of remaining up to date on the myriad of regulatory rules and regulations,.
“This was true when I was an examiner with the FDIC and is even more so in our ever increasing fast paced, complex environment. Manual processes alone are no longer adequate. RegTech solutions such as Compliance.ai are a must for CCOs (and their regulators) to smartly, efficiently research the latest regulations and manage multiple aspects of their programs in a compliant manner.”
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