Kiwi regtech start-up First AML lands £15.6m Series B, makes UK debut

New Zealand-based anti-money laundering start-up First AML has secured a £15.6 million (NZD 30 million) Series B funding round and announced its launch in the UK.

First AML founders Bion Behdin, Milan Cooper and Chris Caigou

The round saw participation from Headline Ventures’ European arm and Australia-based VC firm Blackbird Ventures, as well as existing investors Bedrock Capital, Icehouse Ventures and Pushpay founder Eliot Crowther.

First AML’s UK debut comes as the firm looks to capitalise on a “massive global market opportunity”, according to CEO Milan Cooper.

“The market for AML has grown nearly 20% in the past year to USD 214 billion,” Cooper says.

“With ground-breaking investigations around tax havens and money laundering across multiple countries, the AML compliance regime is a key priority for accounting, law and real estate.”

The regtech’s co-founder Bion Behdin is relocating to the company’s new London office, with an additional 100 staff set to be hired over the coming year.

Behdin highlights the need for AML solutions to be developed not just for big banks, but for “the next layer of financiers”.

“With the current focus on London as a Russian money-laundering hub, small to medium-sized businesses need solutions to automate compliance with increasing regulation and threats,” Behdin says.

First AML’s online identity verification system automates the typically highly manual AML and customer due diligence/know your customer (CDD/KYC) process. The platform allows B2B clients such as financial service providers, law firms, real estate agencies and accountants to streamline their anti-money laundering compliance processes and minimise risk.

First AML was founded in 2017 by Cooper, Behdin and Chris Caigou and has 100 employees based in Auckland, New Zealand and 20 staff in Sydney, Australia.