First AML nets $21m Series B as it eyes Europe expansion

New Zealand-based RegTech firm First AML has secured $21m from a Series B funding round.

The financing round was co-led by Headline and Blackbird Ventures and also included participation from Bedrock Capital, Icehouse Ventures and Eliot Crowther, the founder of Pushpay. The recent round builds on its Series A from last year, when the company raised $5.4m.

Established in 2017, First AML is a customer due diligence (CDD) and anti-money laundering (AML) technology company that aims to help companies fulfil their AML compliance obligations to help reduce complexity and administrative burden.

The company serves clients ranging from financial service providers, real estate agencies, law firms and accountants to streamline their compliance processes and reduce risk. The firm’s platform automates the identity verification of customers as well as including biometric identification for remote verification. Earlier this year, First AML expanded into the Australian market.

According to First AML, it intends to use the newly raised capital to expand its solution into the European market as well as doubling its global headcount from 90 to 180 employees.

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