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Classified in: Science and technology, Business, Covid-19 virus
Subject: FNC

Hummingbird Raises $8.2M To Automate Financial Compliance Technology

SAN FRANCISCO, July 16, 2020 /PRNewswire/ -- Hummingbird RegTech, a provider of anti-money laundering (AML) compliance technology, raised $8.2M in its Series A funding round. Hummingbird's products have driven efficiency gains of 80-90% in financial services providers' workflows for investigating and reporting suspicious financial activity.

Flourish Ventures led the round, with new support from notable Stripe alumni Lachy Groom and Jon Zieger, and continued support from seed investors including Hombrew, Designer Fund, and TTV Capital, for a total funding to date of $11.8M.

Compliance hurdles?from navigating how regulation applies to fintech startups, to modernizing cumbersome legacy systems?challenge financial service providers, especially as they introduce new offerings. Since its launch in 2017 Hummingbird has helped major financial institutions with trillions in assets under management, as well as tech-savvy trailblazers such as Brex, Upgrade, and Etsy, orchestrate their compliance programs.

"We invested in Hummingbird since its inception because it is a business at the intersection of two important trends accelerated by the pandemic ? finance embedded in all our digital experiences and the digitization of regulation," said Kabir Kumar, Director, Flourish Ventures. "The Hummingbird team cracked the code for automation in AML where others have struggled."

Hummingbird offers two main products: a case management, investigation, and reporting platform; and an API for validating and filing regulatory reports. These products drive down costs, improve accuracy, and automate financial compliance programs, while also facilitating collaboration and technological advancements:

"Enhanced data sharing offers enormous potential in how we detect financial crime. The new funding will allow us to move forward with technologies that could improve the quality and speed of communication among institutions and leverage structured datasets, with ethical care, for machine learning," said Hummingbird co-CEO Joe Robinson. "We're grateful for the opportunity to make regulatory compliance easier and money laundering more difficult."

Hummingbird will also use the investment to support its expansion into new practice areas, including transaction disputes and consumer protections in lending; continue its operational growth; and enter the European market, starting with Ireland and the U.K.

"Partnerships between banks and fintech startups have brought important services to market, but the regulatory complexities of these relationships pose large obstacles to their success," said Hummingbird co-founder and former regulator Matt Van Buskirk. "The Hummingbird team has harnessed compliance expertise with technology expertise to improve the overall viability of the fintech marketplace."

In the wake of the COVID-19, Hummingbird's leadership anticipates an increase in regulatory dynamics and has prepared to support banks and other financial institutions as the industry adapts to the pandemic's economic stressors.

For more information, visit https://hummingbird.co.

About Hummingbird
Hummingbird is designed to enhance anti-money laundering and counter-terrorist financing investigations. It reduces cumbersome paperwork, provides insightful analytics, and enables collaboration for compliance professionals and law enforcement agents. We're on a mission to turn the tables against criminals who pollute our financial system. Modern criminals are sophisticated, tech-savvy, and agile. The tools used to fight financial crimes should be, too. To learn more, please visit hummingbird.co or follow on Twitter @HummingbirdFin and LinkedIn.

SOURCE Hummingbird

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