Nordic AML vendor Strise has raised a $10.8 million Series A funding round to drive international expansion, starting with the UK.
The funding round was led by Atomico with support from existing investors and notable business angels, including Klarna COO Camilla Giesecke. Atomico Partner Don Hoang, a former senior executive at Uber and Revolut, will join the Strise board.
Since its commercial launch in 2019, Strise has become a key player in the Nordic finance sector, with 70% of the region's top-tier banks now using its product, including the likes of Nordea, Handelsbanken and bank-owned mobile payment network Vipps MobilePay.
The firm is also making strides beyond the Nordics, with US-based heavyweight law firm Orrick and global professional services company EY two of the first companies to have already joined Strise’s Early Access Programme in the UK.
This new investment will drive Strise’s international expansion across key European markets, starting with the UK, and expanding its customer base across the financial, insurance, legal, and other industries.
Strise harnesses the power of AI and natural language processing technologies to provide companies with intelligent insights to simplify customer onboarding and implement smart risk-based AML processes, including real-time KYC and KYB checks through perpetual customer monitoring
Marit Rødevand, CEO and co-founder of Strise, comments: “If banks don't adapt to AI, they risk falling behind. With crime and regulations becoming more complex, traditional methods aren't enough. Without automation, fighting financial crime becomes costly and inefficient. We help AML and compliance teams work faster, detect crime more accurately, and stay compliant, protecting their reputation in the process.”
Despite tthe dip in fintech funding, investor interest in smart AI-based financial crime vendors shows no sign of diminishing. Strise's capital raise comes just a day after Isralei financial crime outfit ThetaRay, completed a $57 million fundraising round.