AMLYZE, a regtech company based in Lithuania, has successfully raised USD 1 million in a pre-seed investment round led by Practica Capital.
The company said that the funding will be utilized to strengthen AMLYZE’s fight against financial crime. Firstpick accelerator and venture capital fund also participated in the round. With the new investment, AMLYZE aims to expand its operations beyond the Baltic States and enhance its solutions for fintechs, neobanks, and crypto businesses.
Financial crime poses a significant threat globally, with the United Nations Office on Drugs and Crime (UNODC) estimating that it accounts for 2% to 5% of the annual global GDP, equivalent to EUR 715 billion to EUR 1.87 trillion. AMLYZE addresses this issue by offering anti-financial crime solutions, including transaction monitoring, risk assessment, and case investigation, to its target market of fintechs, neobanks, and crypto businesses.
Initially, AMLYZE’s customer base was primarily in the Baltics and the UK. However, with the recent pre-seed investment, the company is well-positioned for international expansion. The raised capital will be utilized to scale its software-as-a-service (SaaS) solutions, expand globally, and develop advanced functionalities for its core product.
Practica Capital’s Founding Partner, Donatas Keras, highlighted the significance of AMLYZE’s emergence in the region, given the extensive knowledge and experience accumulated in the Lithuanian fintech ecosystem over the past decade. He expressed confidence in AMLYZE’s potential to bring category-defining products to the growing market, emphasizing the company’s clear mission and dedicated team.
Gabrielius Bilkštys, CEO and co-founder of AMLYZE, emphasized the expertise of the company’s core team, consisting of IT and anti-financial crime professionals, former regulators, and supervisors with backgrounds in central banking and law enforcement. This diverse team enables AMLYZE to provide industry-specific insights and assist financial institutions in meeting regulatory requirements and enhancing compliance efficiency.
AMLYZE has made significant strides in its development strategy in 2023. The company has engaged in various collaborations and product upgrades to strengthen its offerings. One notable achievement was the integration of its anti-money laundering (AML) tool into Skaleet’s core banking platform (CBP) in April, bolstering financial crime prevention capabilities. Prior to this integration, AMLYZE had released updates to its core product to enhance AML-related processes.
In February, AMLYZE partnered with identity verification provider iDenfy to support small and medium-sized enterprises (SMEs) in combatting financial crime. This collaboration aimed to provide efficient solutions to address the evolving challenges faced by SMEs. Additionally, in January, AMLYZE partnered with Odanto, a fraud prevention company, to assist financial institutions in managing business growth while mitigating risk exposure.
The recent pre-seed investment round has provided AMLYZE with the necessary resources to strengthen its fight against financial crime. With a clear mission, a talented team, and a focus on innovation, AMLYZE is well-positioned to expand internationally and continue providing cutting-edge anti-financial crime solutions to fintechs, neobanks, and crypto businesses. As the global fight against financial crime intensifies, AMLYZE’s expertise and technological advancements will play a crucial role in improving compliance and safeguarding the integrity of the financial industry.