Hummingbird Raises $8.2M To Automate Financial Compliance Technology
The RegTech Startup that Automates Suspicious Activity Investigation and Reporting Plans for Growth in Data Collaboration and Machine Learning
Hummingbird RegTech, a provider of anti-money laundering (AML) compliance technology, raised $8.2M in its Series A funding round. Hummingbird’s products have driven efficiency gains of 80-90% in financial services providers’ workflows for investigating and reporting suspicious financial activity.
Flourish Ventures led the round, with new support from notable Stripe alumni Lachy Groom and Jon Zieger, and continued support from seed investors including Hombrew, Designer Fund, and TTV Capital, for a total funding to date of $11.8M.
Compliance hurdles—from navigating how regulation applies to fintech startups, to modernizing cumbersome legacy systems—challenge financial service providers, especially as they introduce new offerings. Since its launch in 2017 Hummingbird has helped major financial institutions with trillions in assets under management, as well as tech-savvy trailblazers such as Brex, Upgrade, and Etsy, orchestrate their compliance programs.
“We invested in Hummingbird since its inception because it is a business at the intersection of two important trends accelerated by the pandemic – finance embedded in all our digital experiences and the digitization of regulation,” said Kabir Kumar, Director, Flourish Ventures. “The Hummingbird team cracked the code for automation in AML where others have struggled.”