Anti-money laundering regtech Hummingbird secures $30m in Series B round
San Francisco-based regtech Hummingbird has raised $30 million in a Series B funding round.
Hummingbird CEO Joe Robinson
The latest round of funding brings the firm’s total raised to date to $41.8 million and follows an $8.2 million Series A round held in July 2020.
Battery Ventures led the round with additional participation from Flourish, Homebrew, FinVC, and William Hockey, co-founder of Plaid.
The anti-money laundering (AML) compliance technology start-up says the cash will allow it to meet the complex post-pandemic regulatory needs of finance.
The new funds will be used to expand its workforce, expand product capabilities and bring its customer relationship management platform to new markets.
Hummingbird says its risk and compliance tech platform helps to boost the success rate of global anti-money laundering efforts from institutions saddled with disparate sources of data, paperwork and other sources information.
“We know financial institutions often struggle to update or replace older technology,” says Hummingbird CEO Joe Robinson.
“Hummingbird is designed to augment their existing tech stack and streamline operations.”
The company says the estimated amount of money laundered globally in one year is between 2 and 5% of global GDP, or $800 billion to $2 trillion, with the success rate of global anti-money laundering controls at less than 1%.
