Mimiro raises $30m to accelerate the global expansion of its machine-learning platform for analysing the risk of financial crime.
By swiftly and intelligently verifying parties and transactions, Mimiro fundamentally changes how companies assess who they’re doing business with.
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In particular, it offers organisations greater confidence in their own operations, attacking financial crime and reducing laborious manual checks.
Mimiro has a growing list of 350 clients in 45 countries across America, Europe and Asia, including major global banks.
Index Ventures, the London and San Francisco-based venture capital firm, led the Series B round.
Jan Hammer, Partner at Index Ventures who led the firm’s investments in Adyen and Robinhood, joins the Mimiro board.
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By GlobalDataMimiro raises $30m: building a comprehensive global repository
Financial crime and ‘know your customer’ rules are Mimiro’s near-term focus. In addition, it is building a comprehensive global repository. This provides an instant, accurate risk profile for every commercial entity and individual in the world.
‘We exist because globalisation is intensifying the business problems of trust,’ says Mimiro’s CEO and founder Charles Delingpole.
Delingpole previously founded MarketInvoice. He adds: “to offset concerns, many businesses can be hyper-cautious and conservative. This means losing out on commercial opportunities – in some cases abandoning entire countries or industries.”
Post 9/11, companies have been spending hundreds of billions of dollars each year to understand who they’re doing business with.
But businesses are typically reliant on ineffective solutions that generate large amounts of manual work. In addition, there are silos of data that have patchy coverage and can’t easily be combined.
The system is beset with false positives which divert attention from following up on genuine red flags. Banks have been fined billions of dollars for facilitating illegal activity, highlighting the ongoing dangers of getting things wrong.
Innovative deep learning and machine intelligence
Mimiro says it solves the problem by using innovative deep learning and machine intelligence. The company’s self-improving algorithms absorb and scour millions of structured and unstructured data sources daily.
This includes registers of high-level national and international sanctions, individuals who should be treated with caution, and adverse media coverage. As a result, Mimiro builds a holistic snapshot of an entity’s risk in real-time.
It also spots nuanced patterns across users and transactions that would elude a human assessor. Notably, Mimiro also lets clients tailor the product to focus on parameters that are particularly relevant to them. On average, Mimiro reduces the rate of false positives by 70%.
Jan Hammer adds: ‘Historically, financial crime tends to run ahead of the means of catching it; remedies have been reactive. Today, the problems are getting bigger, the risks and the penalties are more severe, and the old system can’t cope.
“Mimiro has a completely new approach. ‘We’ve been impressed by their traction with a wide range of customers, including their capacity to attract some of the world’s largest banks.
“The bigger vision – to get a complete picture of risk for all people and companies globally – has real potential to shake up the market.”
Mimiro raises $30m and re-brands
Mimiro was previously known as ComplyAdvantage and was founded by Delingpole in 2014. He adds:”our new name and visual identity gives us the opportunity to redefine who we are as a company. Over the next couple of weeks we will be transitioning to our new brand, Mimiro.”
At the same time, Mimiro is launching a new website with a fresh look and feel for its platform.
