The Patriot Act requires US financial institutions and other obliged entities to implement AML/KYC processes. As in other jurisdictions, this creates a significant compliance cost for financial institutions and results in a poor onboarding experience for their customers.
Enter First AML, a New Zealand-based anti-money laundering startup and a provider of regulatory technology (regtech) platform that streamlines AML anti-money laundering compliance for the likes of financial service providers, law firms, real estate agencies, and accountants.
Today, First AML announced has raised $5.4 million in a Series A funding round led by US-based Bedrock Capital, with support from existing investors Pushpay founder Chris Heaslip and Icehouse Ventures. This is the first APAC investment for Bedrock Capital. Managing Partner Geoff Lewis, who spent five years at Silicon Valley-based Founders Fund before establishing Bedrock two years ago.
Founded in 2017 by co-founder Milan Cooper, First AML software helps companies and organizations get on top of AML compliance. Its end-to-end Customer Due Diligence platform automates the identity verification of customers, giving companies complete visibility and management oversight of the process, minimizing money laundering risk.
Commenting on the investment Lewis said: “Bedrock is delighted to lead one of the largest Series A financing rounds in New Zealand for First AML,” says Mr. Lewis. “The company has built a unique technology solution that is upending profoundly antiquated AML compliance processes, while also delivering dramatic efficiency improvements and cost savings to customers. Led by a talented management team, we believe First AML is positioned for global
impact over many years to come.”
First AML co-founder Milan Cooper is excited by the opportunities the new investment affords: “Our plans to accelerate global market expansion and product development have just got a whole lot bigger. Interest from customers in countries like Australia and the US is heating up as businesses look to prepare for the new regulatory requirements, and we are now well placed to capture these opportunities and offer the world’s best AML compliance platform thanks to our new investment partners at Bedrock. This is a $184 billion global market – there’s massive
opportunity out there.”