Anti-money laundering startup Armalytix raises £920,000

London-based Armalytix has raised a further $1m (£920,000) for its anti-money laundering (AML) software which verifies the origin of funds.

The capital came from angel investors with experience at HSBC, UBS, Bank of America and Goldman Sachs.

Richard McCall, CEO of Armalytix, said, “This capital, raised from people with first-hand knowledge of the AML challenges facing the financial industry, will help Armalytix expand its growing legal and real estate market.”

Armalytix claims that its software helps companies comply with the AMLA in sectors such as blockchain, financial services and accounting.

Complying with AML is an important regulatory requirement for businesses, as failure to comply can result in fines.

McCall added: “In addition, we have seen an increasing number of fines related to the source of funds in finance, betting and gaming, which presents a clear opportunity to help more businesses in these sectors. “

The funding follows a previous £1.25million in August last year from various Angels with banking experience.

Mike Stewart, investor and former UBS Private Banker, said: “Over the years in my various roles at the global bank, I have faced the challenges of establishing Source of Funds. Armalytix is ​​a company ahead of the curve, having greatly simplified this complex AML check. »

Other anti-money laundering software startups include Thirdfort.

The National Crime Agency (NCA) seized £27million in July as part of a money laundering crackdown.

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