Ensuring regulatory compliance can be expensive for financial services companies. In fact, the average cost nearly doubled from $16 million to $30.9 million between 2011 and 2017, according to one . And it’s tough for most to keep up — in 2017, over 900 agencies together issued over 200 regulatory each day, on average.
Companies like aim to ease the regulatory burden through AI-imbued software. The Singapore-based startup, which was cofounded by J.P. Morgan veteran Abhishek Chatterjee and Jeeta Bandopadhyay, taps and distributed systems to tackle compliance for anti-money laundering, reconciliation, and more.
Following seed rounds totaling $8.8 million, Tookitaki today announced that it has extended its series A to $19.2 million, thanks to a fresh injection of $11.7 million led by Viola Fintech, with