Arachnys Secures $10 Million Funding for Product Development and Business Growth

Blog entry

Arachnys, a provider of customer risk intelligence solutions for Know Your Customer (KYC), Anti-Money Laundering (AML) and Enterprise Due Diligence (EDD), has secured a $10 million funding round that it will use to accelerate R&D, expand go-to-market efforts and further develop strategic partnerships that integrate its cloud platform with established compliance and onboarding platforms – among existing partners are Fenergo and Refinitiv, formerly Thomson Reuters.

The company will also establish a new delivery and implementation organisation to meet demand in its pipeline for global deployments of its solutions, which include robotic process automation.

The funding has been led by QED Investors and follows a year in which Arachnys doubled its business and won Tier 1 enterprise deployments of its cloud-native platform in North America, Western Europe and Southeast Asia.

David Buxton, CEO and founder of Arachnys, says: “Increased regulation, coupled with new AML, KYC and EDD requirements, continues to pressure banks and financial institutions. This funding round accelerates our ability to help clients automate and transform their financial crime prevention initiatives into a revenue accelerator, while expediting regulatory compliance.”

Describing the Arachnys platform as ‘a solution that is miles ahead of traditional AML vendor products’, Amias Gerety, Arachnys board member and partner at QED Investors, says: “Arachnys has staked out a clear leadership position in the emerging customer risk intelligence market and we’re proud to be the company’s partner in supporting its explosive growth.”