UK-based RegTech start-up GSS raises £37m
By Gloria Methri
London-based RegTech firm Global Screening Services (GSS) has completed its initial funding round, raising over £37 million from investors including AlixPartners, The Cynosure Group, and MUFG.
Randal Quarles, chairman, and co-founder of The Cynosure Group has joined the GSS board. William Langford, Global Head of Financial Crimes Compliance and Chief Compliance Officer for the Americas at MUFG, will serve as an observer to the Board.
Incubated by AlixPartners in 2021, Global Screening Services is now a standalone company with over 140 people supporting the business on a full-time basis. The platform establishes new standards and leverages technology, including artificial intelligence, and an ecosystem of financial institutions and industry partners to provide streamlined compliance screening for sanctions.
Tom Scampion, CEO of GSS said, “Sanctions screening is both an international security imperative and one of the major sources of friction in the global payment system – at a time when consumers and businesses are increasingly demanding real-time settlement. GSS is uniquely positioned to deliver improved regulatory compliance and an enhanced customer experience. We are delighted to have closed this funding round and to be working with such incredible partners to take the business to market.”
John Cusack, Chair of the GSS Development Board said, “The future of compliance will be partnerships and platforms, GSS is both. Working with banks, regulators, and the industry as a whole, the platform will improve standards, reduce cost and help deliver effective compliance worldwide.”
Randal Quarles, Chairman, and Co-founder of The Cynosure Group added, “Cynosure invests in rapidly growing, founder and management-owned businesses. Within the world of screening, GSS is the right business at the right time, addressing a problem that is well understood but until now, poorly addressed. We are excited to be partnering with Alix Partners and the GSS management team to be a part of this solution.”
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