ComplyAdvantage, the financial crime detection technology company, has expanded its product for fintech start-ups into North America.
ComplyLaunch provides firms with free access to ComplyAdvantage’s anti-money laundering (AML) and know your customer tools.
The programme is open to applications from early-stage fintech start-ups with no institutional funding.
Firms already using ComplyLaunch include global payments company Routefusion and mortgage innovator Safe Rate.
“It’s amazing to see all the incredible fintechs that have signed up to our program,” said Charles Delingpole (pictured), founder and chief executive of ComplyAdvantage.
“Not only is ComplyLaunch good for all the great companies that are participating but, it’s also great for our ecosystem. How a company addresses risk management is becoming a growing factor for everything from investment to partnerships. We want our fellow start-ups to be successful and that’s why we continue to make our AML tools and training free.”
ComplyAdvantage cited a report from KPMG on fintech investment trends, which found that overall global fintech funding increased to $98bn (£71.6bn) in the first half of 2021 from $87.1bn in the second half of 2020.
The US accounted for almost half of the global fintech funding, at $42.1bn.
It also cited recent statistics from market data provider Statista which said that as of February 2021, the U.S. had 10,605 fintech start-ups making it the region with the most fintech start-ups globally.
ComplyAdvantage uses machine learning and natural language processing to help firms manage their risk obligations and prevent financial crime.
In July last year, it closed a $50m Series C funding round to expand across the United States, Europe and the Asia-Pacific region.
As well as expanding into new countries, it said it planned to use the funds to launch more products.