Regtech start-up GSS raises £37m
London-based regtech firm Global Screening Services (GSS) has completed its initial funding round, raising over £37 million ($45 million) from investors including AlixPartners, The Cynosure Group, and MUFG.
Randal Quarles, chairman and co-founder of The Cynosure Group and former vice chairman of the Federal Reserve System and chairman of the Financial Stability Board, has also joined the GSS board.
William Langford, global head of financial crimes compliance and chief compliance officer for the Americas at MUFG, will serve as an observer to the GSS board.
Incubated by AlixPartners since 2021, GSS is now a standalone company with over 140 staff.
The GSS platform provides banks and financial institutions with compliance screening for sanctions. Last year, it signed a partnership with Swift.
“Sanctions screening is both an international security imperative and one of the major sources of friction in the global payment system – at a time when consumers and businesses are increasingly demanding real-time settlement,” comments Tom Scampion, CEO of GSS.
He believes GSS is “uniquely positioned to deliver improved regulatory compliance and an enhanced customer experience” to the industry.
“The future of compliance will be partnerships and platforms, GSS is both,” states John Cusack, chair of the GSS development board.