RiskScout, an Austin, Texas-based regulatory technology firm, secured a seed funding round led by Castle Creek Capital and Launchpad Capital's combined fund, with noteworthy participation from community banks.
The secured funding will be utilized by RiskScout to expand its operations and increase its market presence.
“With this fresh infusion of capital, we’re excited to take our solutions to the next level, ensuring that financial institutions can better serve their communities and navigate the intricate world of compliance with greater ease.” RiskScout CEO Justin Fischer said.
RiskScout is recognized for its innovative cloud-based software that aims to simplify and streamline compliance and processes within the financial industry. The platform is powered by API-based technology, enabling banks and credit unions to enhance their efficiency in handling Anti-Money Laundering (AML) compliance requirements.
In addition to its core offering, the software promotes operational efficiency, paving the way for new business avenues in the foreseeable future.
Company: RiskScout
Raised: Undisclosed
Round: Seed Round
Funding Month: August 2023
Lead Investors: Castle Creek Capital and Launchpad Capital's combined fund
Additional Investors:
Company Website: https://www.riskscout.com/
Software Category: Financial Risk Management Software
About the Company: RiskScout is a financial risk management software that provides cloud banking and infrastructure services to financial institutions. The company believes the key to financial access for higher-risk legal businesses and individuals is by providing expert guidance and efficient technology solutions to reduce the operational burdens of BSA and the back office, empowering financial institutions to support even the most complex relationships. Its mission is to ease the burden of compliance so that community financial institutions can deliver personalized experiences in underbanked, higher-risk, and specialty markets.
Source: https://fintech.global/2023/08/21/riskscout-secures-seed-funding-for-its-regtech-innovation/