SAN FRANCISCO — Hummingbird RegTech, a provider of anti-money laundering (AML) compliance technology, has raised an $8.2 million Series A funding round.
Flourish Ventures led the round, with new support from notable Stripe alumni Lachy Groom and Jon Zieger, and continued support from seed investors including Hombrew, Designer Fund, and TTV Capital, for a total funding to date of $11.8 million.
Hummingbird says its products have driven efficiency gains of 80-90% in financial services providers’ workflows for investigating and reporting suspicious financial activity.
“We invested in Hummingbird since its inception because it is a business at the intersection of two important trends accelerated by the pandemic – finance embedded in all our digital experiences and the digitization of regulation,” said Kabir Kumar, Director, Flourish Ventures. “The Hummingbird team cracked the code for automation in AML where others have struggled.”
Hummingbird offers two main products: a case management, investigation, and reporting platform; and an API for validating and filing regulatory reports. These products drive down costs, improve accuracy, and automate financial compliance programs, while also facilitating collaboration and technological advancements:
- Hummingbird’s modular platform, with flexible inputs and outputs, works gracefully across data sources, teams, partnerships, and other technologies.
- Hummingbird’s data organization and insights are designed for machine learning.
“Enhanced data sharing offers enormous potential in how we detect financial crime. The new funding will allow us to move forward with technologies that could improve the quality and speed of communication among institutions and leverage structured datasets, with ethical care, for machine learning,” said Hummingbird co-CEO Joe Robinson. “We’re grateful for the opportunity to make regulatory compliance easier and money laundering more difficult.”