HSBC CEO Colin Bell joins board of AML fintech Quantexa
Current CEO of HSBC Bank and HSBC Europe, Colin Bell, has joined the board of directors at UK fintech Quantexa.
The financial data analytics firm, which landed a $64.7 million Series C last July, also counts HSBC among its investors.
Quantexa uses big data and builds artificial intelligence (AI) algorithms to aid cybersecurity investigations in spotting nefarious activity.
The software the fintech deploys allows a financial firm to own “a single contextual view” of its customers, overcoming what it calls one of the largest big data challenges: how it’s pieced together.
According to an interview with TechCrunch last year, Quantexa’s founder and CEO, Vishal Marria, said the start-up built its business on the back of doing work for major banks.
But in the last year, the fintech has set its sights on expanding into two more sectors: insurance, and government or public sector organisations.
Bell in, O’Brien out
With Bell’s arrival on Quantexa’s board, Ray O’Brien, HSBC’s global risk chief operating officer, will step down.
Bell brings with him years from Barclays Wealth, UBS and the British Army, as well as HSBC.
Quantexa hopes Bell will help it expand into new global markets. Following last year’s capital raise, the start-up said it was interested in North America, Asia-Pacific, and more European territories.
Bell says his employer HSBC has used Quantexa “to develop an AI solution which will help us to better identify financial crime”.
HSBC also announced a multi-year partnership with Silent Eight in January. Another fintech using AI to keep banks compliant and on the money with financial crime.
Bell calls his addition to Quantexa’s board “a pivotal moment in the company’s growth”. Founded in 2016, Quantexa now houses more than 300 employees.
“We are seeing a huge demand for our platform to support multiple applications across our core markets in financial services and within new industry sectors,” Marria said back in July.
Read next: Quantexa raises $64.7m in Series C funding