GSS secures $47m to help banks with sanctions screening

By Gloria Methri

Global Screening Services (GSS), a London-based RegTech innovator, has completed its Series A2 funding round, raising over $47 million. Notable contributors include AlixPartners, Cynosure Group, and the latest addition, Commonwealth Bank of Australia (CBA).

This investment coincides with the company’s transition from the development phase to the operational phase as the cloud-native platform prepares to go live with its inaugural clients.

GSS also received support from existing investors, who continue to place confidence in the company’s potential and progress to date. The shareholder base includes two major financial institutions, MUFG and CBA.

Tom Scampion, CEO and Co-founder of GSS expressed enthusiasm about the funding round, stating, “GSS is uniquely positioned to deliver improved regulatory compliance and an enhanced customer experience. We’re delighted to have closed this funding round and to be working with such incredible partners to take GSS to market.”

As part of its investment in GSS, CBA will join the company’s main board as an observer. The bank will be represented by its Executive General Manager, Financial Crime Compliance, John Fogarty.

Speaking on the funding round, Fogarty said, “Banks play a critical role in combating financial crime and protecting their customers, the community and the integrity of the financial system. We are excited about the potential of GSS with its global reach and look forward to seeing how CBA can potentially utilise this technology to continue to prevent sanctioned parties from accessing and moving money into or out of Australia whilst also speeding up the millions of international payments for our customers.”

Randal Quarles, Chairman and Co-founder of The Cynosure Group, commented on the funding round, “As an investor committed to fostering innovation, we at The Cynosure Group are thrilled to continue our partnership with GSS. The strides made since our initial investment underscore the company’s potential to revolutionize the sanctions screening industry. We look forward to supporting GSS in their continued journey towards solving critical challenges with ingenuity and impact.”