FinanceDraft

Machine learning platform Mimiro gets 30 million dollar push to advance its anti-financial crime AI platform

Formerly known as Comply Advantage, Mimiro has raised 30 million dollars from active investors to accelerate their global expansion of machine learning platform for analyzing financial risks and detecting financial fraud at the bank’s doorsteps. Mimiro is currently providing financial risk mitigation for a growing list of 350 clients across 45 countries including Europe, UK, US, and Asian countries.

The series B funding round was led by Index Ventures, the London and San Francisco based venture capital firm, joined by existing investors such as Balderton Capital, Jan Hammer, Partner at Index Ventures who also invested in Adyen and Robinhood. Mimiro is a game changer for many by fundamentally restructuring the existing laborious manual check systems. It offers swift and intelligent customer verification of parties and transactions offering banks with much-needed confidence and stability in these disruptive financial technology times.

With the global economy turning increasingly complex and interconnected, banks are looking for efficient and effective technology solutions to mitigate the risks in modern times. These days’ banks are doing business with customers from all over the world. Banks today are increasingly facing geopolitical instability, lengthening supply chains, increased migration and the growth of emerging markets. This has made it crucial for banks and financial institutions to improve their standards of financial risk assessments and customer verification. Mimiro is creating a comprehensive global repository that provides instant, accurate risk profiling for every commercial entity and individual in the world.

“We exist because globalization is intensifying the business problems of trust,” says Charles Delingpole, founder, and CEO of Mimiro. “To offset concerns, many businesses can be hyper-cautious and conservative, losing out on commercial opportunities, in some cases abandoning entire countries or industries.”

In today’s start-up world businesses are dependent on a large amount of manual work and produce various silos of data that have patchy coverage and cannot be verified easily. The artificially intelligent system pro-actively diverts attention from following up on genuine red flags. There have been scams all over the world that have paid billions of dollars in fines for facilitating illegal activities which is a proof of the increasing reputational and commercial dangers of procedural mishaps that lead to financial theft all over the world.

Mimiro’s funding is a step towards securing the future of banking and ensuring that the world is a risk-free place for financial investors and their customers alike.

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