back Back

Silent Eight raises capital from OTB Ventures, Wavemaker Partners and SC Ventures

By Edil Corneille

October 19, 2020

  • Silent Eight
  • Singapore
Share

Silent Eight, ai, logo, funding, FinTech, Singapore, technology, artificial intelligence, money launderingSilent Eight, a Singapore-based global technology company using artificial intelligence (AI) to combat money laundering and terrorism financing, announced the completion of its early-stage funding round from global institutional capital, bringing the company’s total capital raised to $15 million.

Led by OTB Ventures, the investment round was supported by, among others, Koh Boon Hwee, Chairman and General Partner of Altara Ventures, and SC Ventures – the innovation, FinTech investment and ventures arm of Standard Chartered Bank – underscoring the importance of financial crime compliance for the global banking sector. These are existing investors of the company.

Martin Markiewicz, Founder and CEO at Silent Eight elucidated, “Every bank and every financial institution aims to provide a bespoke customer experience in a secure and seamless way. As financial criminals get savvier in their techniques, our team’s goal is to provide a unique solution that prevents them from endangering the global economy and profiting from those most vulnerable. We are very encouraged to see our investors’ confidence in our product, and we are proud to support our clients in their continued diligence to make the world safer.”

Today’s fundraise doubles Silent Eight’s valuation from the company’s 2019 Series A funding. Founded in 2013, Silent Eight’s solutions are deployed by firms in over 70 countries. With a team of professionals in New York, London and Singapore – together with a tech R&D centre in Warsaw – the company enables the large banks and financial institutions, such as Standard Chartered Bank, to transact with confidence and meet regulatory requirements.

Adam Niewinski, co-founder and Managing Partner of OTB Ventures enthused, “We are thrilled to support Silent Eight through its next phase of growth. Amid the disruption brought by Covid-19, true innovators have emerged even more relevant for the new challenges faced by the global economy. Silent Eight is a testament to the technology talent of Central and Eastern Europe, engineering a firstclass AI platform adopted by world-renowned financial institutions.”

Praveen Jain, Head Financial Crime Compliance Surveillance Solutions and Innovation at Standard Chartered Bank apprised, “At Standard Chartered Bank, we are continually investing to be at the forefront of the ever-changing financial crime landscape and our partnership with Silent Eight brings us new cutting-edge capabilities. Every day, Silent Eight’s AI-powered platform is helping our compliance analysts reach decisions faster, while improving quality and consistency in our approach to identifying financial crime risk. The solution has supported us through the COVID- related challenges, and we continue to explore new ways to leverage Silent Eight in our fight against financial crime.”

Previous Article

October 19, 2020

Mastercard & Pick n Pay partner to launch ‘Click to Feed’ initiative

Read More
Next Article

October 19, 2020

Magic goes live on Avalanche; bringing passwordless authentication to Internet of Finance

Read More








IBSi Daily News Analysis

Cybersecurity, financial services

May 17, 2024

Silent Eight

Most of KSA organizations uses AI in their cybersecurity strategies, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 17, 2024

Niyogin acquires ‘Superscan’ from Orbo.ai to propel AI-led neo-banking

Read More

May 17, 2024

FinTech Focus: Catch latest developments of the week

Read More

May 17, 2024

Mastercard, Standard Chartered, Mox & Libeara to support tokenised assets

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023