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HomeBankingUK regtech GSS lands £37m in Series A2 funding round

UK regtech GSS lands £37m in Series A2 funding round

Date:

  • London-based regtech Global Screening Services (GSS) has secured around £37 million ($47 million) in a Series A2 funding round.
  • This round follows an initial £37 million cash injection in January 2023.
  • Returning investors AlixPartners, The Cynosure Group, and MUFG participated in the Series A2 round, along with new investor Commonwealth Bank of Australia (CBA).
  • John Fogarty, CBA’s executive general manager of financial crime compliance, will join GSS’s board as part of CBA’s investment.
  • CBA aims to potentially utilize GSS’s technology to prevent sanctioned parties from accessing and moving money into or out of Australia, as well as to expedite international payments for its customers.
  • Founded in 2021 and initially incubated by AlixPartners, GSS provides a transaction screening platform to help financial institutions strengthen and streamline sanctions compliance processes.
  • The new funding coincides with GSS’s transition from the development phase to the operational phase, as it prepares to onboard its inaugural clients.

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