US fintech WorkFusion has secured a $45 million investment led by growth-stage investor Georgian to further develop its suite of AI agents for financial crime compliance (FCC) operations.
The investment was supported by Serengeti Asset Management, Nokia Growth Partners (NGP Capital), Teralys Capital, and Hawk Equity, with WorkFusion CEO Adam Famularo also participating, Crunchbase News reports.
The company, based in New York, has now raised a total of at least $350 million since launching operations in 2010. This figure includes a $35 million Series D in 2017, a $50 million Series E in 2018, and a $220 million Series F in 2021, also led by Georgian.
In 2022, WorkFusion executed a strategic pivot from general automation and intelligent document processing to develop specialised AI agents for FCC in the banking sector.
WorkFusion currently offers six different agents, each designed to automate a specific area of FCC. The suite covers anti-money laundering (AML), adverse media monitoring, sanctions screening alert reviews, know your customer (KYC), transaction monitoring investigations (TM), and enhanced due diligence (EDD).
In a statement on its latest investment, WorkFusion claims the suite is currently used by “10 of the top 20 banks”. The company also offers a no-code platform for banks to build their own agents.
In comments, Famularo says that the agents are “saving customers about 40,000 hours a day of manual work”. Famularo adds that with the new investment, “we are now positioned for considerable growth as the market is ready for widespread adoption”.
Source: https://www.fintechfutures.com/
