UK regtech GSS lands £37m in Series A2 funding round
London-based regtech Global Screening Services (GSS) has secured around £37 million ($47 million) in a Series A2 funding round as the start-up “officially transitions into operational mode”.
GSS secures £37 million in Series A2 funding round
The firm’s latest round, which follows an initial £37 million cash injection in January 2023, featured participation from returning investors AlixPartners, The Cynosure Group and MUFG as well as new backer Commonwealth Bank of Australia (CBA).
As part of its investment, CBA’s executive general manager of financial crime compliance, John Fogarty, will join the company’s board.
Fogarty adds that CBA may potentially look to utilise GSS’s tech “to continue to prevent sanctioned parties from accessing and moving money into or out of Australia, whilst also speeding up the millions of international payments for our customers”.
Founded in 2021 and originally incubated by AlixPartners before spinning off as a standalone company the following year, GSS provides a transaction screening platform built to help banks and other financial institutions strengthen and streamline sanctions compliance processes.
GSS says the new funding “coincides with the company’s transition from the development phase to the operational phase” as it “prepares to go live with its inaugural clients”.
