Cable, a FinTech company that specializes in combating financial crime, has recently secured $11 million in funding. The funding round was led by venture capital firm, Evolution Equity Partners, and included participation from existing investors, such as Illuminate Financial Management and Contour Ventures.
Cable was founded in 2016 with the aim of providing financial institutions with a more efficient and effective way to detect and prevent financial crime. The company’s platform uses advanced analytics and machine learning to identify suspicious activity and potential fraud, helping financial institutions to comply with regulatory requirements and protect their customers.
The new funding will be used to further develop Cable’s platform and expand its customer base. The company plans to hire additional staff and invest in research and development to enhance its technology and capabilities.
Financial crime is a growing concern for financial institutions around the world. According to a report by the United Nations Office on Drugs and Crime, the estimated amount of money laundered globally in one year is 2-5% of global GDP, or $800 billion to $2 trillion. This highlights the need for effective solutions to combat financial crime.
Cable’s platform offers a range of features to help financial institutions detect and prevent financial crime. These include transaction monitoring, customer due diligence, and risk assessment. The platform also provides real-time alerts and notifications to help institutions respond quickly to potential threats.
One of the key benefits of Cable’s platform is its ability to integrate with existing systems and workflows. This means that financial institutions can easily incorporate Cable’s technology into their existing processes, without the need for significant changes or disruption.
The company has already attracted a number of high-profile customers, including Santander, Nationwide, and Standard Chartered. These institutions have praised Cable’s platform for its effectiveness and ease of use.
In conclusion, Cable’s recent funding round is a testament to the growing demand for effective solutions to combat financial crime. The company’s platform offers a range of features to help financial institutions detect and prevent fraud, and its ability to integrate with existing systems makes it an attractive option for institutions looking to enhance their anti-fraud capabilities. With the new funding, Cable is well-positioned to continue its growth and expand its customer base.
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