AMLYZE raises USD 1 mln to fight financial crime

Monday 22 May 2023 08:46 CET | News

Lithuania-based regtech AMLYZE has raised USD 1 million in a pre-seed investment round led by Practica Capital to help its fight against financial crime.


The round saw participation from the Firstpick accelerator and venture capital fund, and the anti-financial crime solutions company is set to leverage the funding towards furthering its reach past the Baltic States, as it continues adding to its solutions for fintechs, neobanks, and crypto businesses.

AMLYZE’s offering and how the funding falls into place

Based on the information provided in the announcement, the United Nations Office on Drugs and Crime (UNODC) estimates the global scale of financial crime to account for 2% to 5% of the annual global GDP of between EUR 715 billion to EUR 1.87 trillion. The Lithuanian regtech provides anti-financial crime solutions to fintechs, neobanks, and crypto businesses that deal with transaction monitoring, risk assessment, and case investigation.

Having its main customer base in the Baltics and the UK, following the receipt of the funding in the form of pre-seed investment, the start-up is set to be primed for international expansion. The raised capital is going to be leveraged towards scaling the SaaS solutions, international expansion, and funding advanced functionalities to the core product.

AMLYZE has raised USD 1 million in a pre seed investment round led by Practica Capital to help its fight against financial crime.

Commenting on the news, Donatas Keras, Founding Partner of Practica Capital advised that given the knowledge and experience that has significantly been accumulated across all levels of the fintech ecosystem in Lithuania throughout the past decade, the company’s emergence in the region is thought to come as no surprise. The official added that as AMLYZE brings together a core team on a clear mission, it has the ‘firm ground and potential’ to bring category-defining products to this extensive and growing market.

Adding on this, Gabrielius Bilkštys, CEO and co-founder of AMLYZE stated that the company has assembled a core team that comprises experienced IT and anti-financial crime professionals, together with former regulators and supervisors that have backgrounds in central banking and law enforcement. The spokesperson advised that they consider themselves industry experts that possess an insider perspective on the sector, which enables them to assist financial institutions with meeting escalating regulatory requirements and improving their compliance efficiency.

AMLYZE development strategy

The regtech kicked off 2023 with a multitude of developments ranging from collaborations to product upgrades, with the most recent one marking the April integration of its anti-money laundering (AML) tool into Skaleet’s core banking platform (CBP) to augment financial crime prevention. Prior to this announcement, the company made public updates to its core product for AML-related processes.

The end of February saw AMLYZE collaborate with another Lithuania-based company, namely identity verification provider iDenfy, to assist SMEs in combatting financial crime, with the news having been preceded by the January partnership with fraud prevention company Odanto, which aimed to help FIs match business growth with risk exposure.

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Keywords: investment, funding, regtech, financial crime, fraud prevention, AML, fintech, neobanks, crypto, transaction monitoring, risk management, expansion, SaaS, growth markets
Categories: Fraud & Financial Crime
Companies: AMLYZE
Countries: Lithuania
This article is part of category

Fraud & Financial Crime


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