AML start-up Silent Eight raises $6.2m in Series A funding
Silent Eight, an artificial intelligence (AI) anti-money laundering (AML) and counter-terrorism financing (CFT) firm, has raised $6.2 million in Series A funding.
The round, lead by Wavemaker Partners, also saw participation from Standard Chartered’s SC Ventures. The bank implemented Silent Eight’s platform into its systems in 2018 following a successful proof-of-concept.
Silent Eight plans to use the fresh cash to build up staff at its New York, Singapore, London and New York. The company aims to double its headcount by the end of Q1 2020.
“The complexity of our financial system creates a demand for technologies that make financial crime compliance both more effective and more efficient,” says Alex Manson, global head of SC Ventures.
“Silent Eight uses AI to improve financial institutions’ name screening process, hence enabling better decisions. By investing in Silent Eight, we will help them scale across our footprint, participate in an area of growth seeing huge investments by financial firms and support our overall commitment to the global fight against financial crime.”
Standard Chartered signed a partnership with another AML software firm this week in the shape of Quantexa.
The bank has been hit with $1.1 billion of fines in 2019 due to issues surrounding its money laundering controls and access to funds from sanctioned countries like Iran, Syria, and Sudan.