Last year, Fincom won the Startup World Cup Cyprus Finals and went on to represent the island at the Grand Finale. The company secured an impressive 4th place out of 100 countries and cities — a standout achievement on the global stage.
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In a significant move for compliance technology, Fincom has secured new funding led by Nasdaq Ventures in a Series B round with Macquarie Group and G1 Ventures.
This partnership is set to revolutionize sanctions screening tools globally, enhancing anti-money laundering (AML) compliance solutions. Research by Celent highlights how financial institutions spend heavily on compliance, with 20% of the $35 billion budget dedicated to sanctions screening.
Fincom’s unique solution, leveraging advanced computational techniques, aims to reduce false positives and operational costs by over 80%.
Gideon Drori, Fincom’s CEO, stated, “This investment validates our effort to deliver transformative AML solutions. Our partnership with Nasdaq Verafin will enhance our offering to financial institutions, advancing efficiency and regulatory compliance.”
The benefits for financial institutions are clear: increased compliance capability, reduced costs, and improved customer engagement using cutting-edge technology.
