GSS secures USD 47 million in funding round

As per the information detailed in the press release, GSS successfully completed its Series A2 funding round, securing nearly USD 47 million, with investors such as AlixPartners, Cynosure Group, and Commonwealth Bank of Australia (CBA) participating in the capital infusion.

The investment comes as an addition to GSS’ transition from the development phase to the operational phase as the cloud-native platform prepares to go live with its clients. The company has been supported by existing investors, who continue to place confidence in its capabilities and progress to date. GSS’ shareholder base includes two financial institutions, MUFG and CBA, showcasing the industry’s interest in GSS’ abilities to improve compliance standards.

GSS intends to continue its Advisory Board with more than 30 global financial institutions, with the board collaborating since 2021 to develop a common technology framework and agree on standards for the financial sector. This is set to support the enhancement of compliance and processing efficiency across the industry. Additionally, the current funding assists GSS as it transitions into operational mode and starts to offer its regtech solutions to the market. With the newly acquired funds, GSS plans to support its commitment to improving regulatory compliance worldwide. Currently, the company provides technologies to create new compliance industry standards as financial institutions navigate the complex sanctions landscape. As cross-border payments increase, GSS’ platform focuses on acting as a collaborative hub, bridging the gap between financial institutions and industry partners and delivering efficient transaction screening for sanctions.

Furthermore, as part of its development strategy, GSS aims to enhance the sanctions screening process by addressing the delays that impact payments via increasing efficiency and minimising the number of false positives. Some of the company’s objectives include driving convenience, accelerating transaction processing, and reducing friction for end customers. According to GSS’ officials, the fund injection allows the company to solidify its position in the industry and deliver improved regulatory compliance and an enhanced customer experience. Also, representatives from CBA underlined that banks have a significant role in mitigating financial crime and protecting their customers, the community, and the integrity of financial services. CBA expressed enthusiasm over the potential of GSS’ technology to continue to prevent sanctioned parties from accessing and moving money into or out of Australia, while also accelerating international payments for customers.

Source: Link