Google's early-stage AI fund has led a $3 million seed round for Arva AI, a startup that helps banks and fintechs automate AML and KYB compliance.
Google's Gradient fund was joined in the round by Y Combinator, Amino Capital, Olive Tree Capital, and several fintech angels.
Arva AI's generative AI-enabled platform is designed to help financial services firms as they balance robust compliance protocols with the need for efficient customer onboarding, reducing the need for manual reviewing.
The platform automates the labour-intensive tasks of KYB, turning fragmented, unstructured data from registries, social media, websites, and documents into actionable risk assessments.
This, claims the startup, combined with advanced AI document intelligence for fraud detection and data extraction, allows banks and fintechs to onboard businesses in seconds while maintaining the highest compliance standards.
The funding will be used for product development and market expansion.
Eylul Kayin, partner at Gradient, says: “Arva AI’s approach to automating business verification is exactly the kind of innovation the industry needs, and we’re excited to support their growth.”