Home Finance Machine Learning Startup Mimiro Raises $30M

Machine Learning Startup Mimiro Raises $30M

Recently, Mimiro raised $30 million from investors to expedite the expansion of its machine-learning platform.

The company, located in London, was formerly known as ComplyAdvantage before changing its name with the newest round of financing.

The startup utilizes machine learning in detecting and analyzing the risk of possible financial crimes and claims that its financial risk analysis platform not only enables increased verification of transactions but also the identity of participants in a bid to boost confidence and trust.

“We exist because globalization is intensifying the business problems of trust,” said Mimiro Founder and Chief Executive Officer Charles Delingpole in a statement.

“To offset concerns, many businesses can be hyper-cautious and conservative, losing out on commercial opportunities — in some cases abandoning entire countries or industries.”

SEE MORE: AI Behavioral Analytics Firm Featurespace Raises $32M

Mimiro currently collaborates with 350 companies spread out across 45 nations and looks forward to utilizing its newest financing in expanding that footprint.

Index Ventures, the San-Francisco, and London-based VC firm led the recent Series B funding round, which included an investment from former investor Balderton Capital.

As a result of the investment, Jan Hammer, a partner at Index Ventures who led the company’s investment in Robinhood and Adyen, will join the Mimiro board.

“Historically, financial crime tends to run ahead of the means of catching it; remedies have been reactive,” said Jan Hammer, an Index Ventures partner, in a statement.

READ MORE: 10 Applications of Machine Learning in Finance

READ MORE – Top 25 AI Software for the Banking Industry

“Today, the problems are getting bigger, the risks and the penalties are more severe, and the old system can’t cope. Mimiro has a completely new approach, giving companies the power to get a fast, sophisticated understanding of where their risks lie.”

As the world economy becomes more interlinked and complex, it is not only more important but also challenging than ever to clearly see everything in a company while seated on the other side of the table in a business relationship or during a transaction.

Growth of new markets, lengthening supply chains, increased migration, and geopolitical instability put pressure on businesses to boost their standards for verifying the legitimacy and risk of payments and counterparts.

SEE MORE: BBVA Teams up with MIT to Enhanced Machine Learning in Fraud Detection

READ MORE: RPA – 10 Powerful Examples in Enterprise

Even though ‘know your customer’ and financial crime form the near-term focus of Mimiro, the company is currently building a comprehensive global repository, which offers immediate, accurate risk profiles for each person and commercial entity in the world.

‘We exist because globalization is intensifying the business problems of trust,’ claims Mimiro’s Chief Executive Officer and Founder Charles Delingpole, who previously founded MarketInvoice.

‘To offset concerns, many businesses can be hyper-cautious and conservative, losing out on commercial opportunities – in some cases abandoning entire countries or industries.’

In the post-9/11 setting, many companies have been investing billions of dollars per year in trying to understand the parties that they are transacting within any deal.

However, businesses are mostly dependant on ineffective solutions that create massive amounts of manual work and data files that cannot easily be integrated and have patchy coverage.

The system is weighed down by false positives that redirect attention from pursuing genuine red flags.

Many scandals, whereby banking institutions have been fined heftily for aiding illegal activity, show the continuing commercial and reputational risks of getting things wrong.

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KC Cheung
KC Cheung has over 18 years experience in the technology industry including media, payments, and software and has a keen interest in artificial intelligence, machine learning, deep learning, neural networks and its applications in business. Over the years he has worked with some of the leading technology companies, building and growing dynamic teams in a fast moving international environment.
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