Funding will support Fincom’s rapid growth trajectory and expansion in the emerging AML market.
TEL AVIV, ISRAEL, November 09, 2021 /24-7PressRelease/ — An Israeli deep tech fund VentureIsrael participated in the investment round alongside with the New-York based ff Venture Capital. The investment will be used to accelerate rapid expansion in the AML market.
Fincom.co develops and deploys Streamlined Data Search Solutions for instant and accurate AML/KYC, Data Mapping, Entity Resolution and Homeland Security applications.
Fincom.co invented, patented and commercialized core technology for database searching, mapping and unification. It uses over 48 algorithms from Phonetics, Linguistics, ML/AI, applied in Phonetic Fingerprint, Matching Data Entries on a Multilingual Platform and Entity Resolution.
Approved and tested by Global Tier-1 Financial Institutions, Homeland Security Agencies and Governmental Regulators, Fincom.co AML Name Screening solution is validated as processing in real-time under 200 milliseconds when screening against leading sanction/PeP databases Factiva, World-Check, Grid. Fincom’s unique capability eliminates ethnical discrimination, “inherent in all current AML solutions” as noted by leading regulators such as FCA and FinCen.
Fincom’s reselling and OEM partners include payment platform providers, system integrators, governmental organizations, and global providers of data analytics.
“We believe in the significant potential of Fincom’s technology, as it reaches applications far beyond the AML market. This solution brings immediate measurable value to a range of data mapping applications,” says Michael Harte, Managing General Partner of VentureIsrael, who became a Board Member of Fincom.co.
“We are pleased to welcome VentureIsrael among our investors, and we are confident that its contribution to our overall success will be truly strategic,” says Gideon Drori, Co-Founder and CEO of Fincom.co.
Fincom.co is the automatic AML/KYC screening system for comprehensive compliance by utilizing its proprietary advanced mathematical and computing technologies to meet the regulatory demand of international trade, commerce and financial transactions.
VentureIsrael is an Israeli early-stage deep tech fund. The firm is market and domain agnostic with an investment focus based on three elements: technology, time to market, and people. VentureIsrael focuses on startups from the Seed stage to Series A, with technology solutions capable of scale rapidly to meet ‘on and high’ demand. It is dedicated to the ‘unique’ technological excellence of the startup and is not afraid of an unconventional approach.
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