SAN FRANCISCO – Hummingbird RegTech, a provider of risk and compliance technology, announced the company has raised $30 million in Series B funding. The raise brings the company’s total funding to $41.8 million, and comes on the heels of Hummingbirds $8.2 million Series A in 2020.
Hummingbird is designed to enhance anti-money laundering and counter-terrorist financing investigations. It reduces cumbersome paperwork, provides insightful analytics, and enables collaboration for compliance professionals and law enforcement agents. This new funding will allow Hummingbird to uniquely meet the regulatory needs of the modern financial world by providing a unique CRM designed for risk and compliance professionals.
Battery Ventures led the round with participation from Flourish, Homebrew, FinVC, and William Hockey, co-founder of Plaid. The additional capital will be deployed to expand the team, expand product capabilities, and bring the platform to new markets around the world.
“We know financial institutions often struggle to update or replace older technology. Hummingbird is designed to augment their existing tech stack and streamline operations. The platform has resonated extremely well with many top-tier financial institutions,” said Joe Robinson, CEO of Hummingbird. “We’ve witnessed tremendous growth this year, and this next round of funding, with the support of investors like Battery, will help us expand on the use cases and support company growth.”
Ancient interfaces, overabundance of spreadsheets, scattered data, and unmanageable inboxes of tedious paperwork are why the success rate of global anti-money laundering controls is less than 1%, and the estimated amount of money laundered globally in one year is 2 – 5% of global GDP, or $800 billion – $2 trillion in current US dollars. It’s amazing any financial crime is caught, and it’s a problem that needs a solution. One that Hummingbird’s modern platform provides.
“We have been so impressed with Joe and the rest of the Hummingbird team, and with the company’s innovative, cloud-based technology that helps financial institutions and fintechs better protect themselves in a market that is seeing rapid innovation,” said Michael Brown, a Battery Ventures general partner who is joining the company’s board. “Battery’s experience backing a number of prominent fintech players, specifically those in the compliance space, reinforces our conviction that Hummingbird has a tremendous vision, and we are excited to be part of their growth.”
Hummingbird gives organizations including, Stripe, Coinbase, Evolve Bank & Trust, and Upgrade, a platform that allows them, for the first time, to organize the data, processes, and insights needed to fight financial crime much more effectively in a manner designed for the discipline through a simple, easy-to-use product. Hummingbird helps drive down costs, improves accuracy, automates financial compliance programs, and facilitates collaboration and technological advancements.