SAN FRANCISCO, Oct. 22, 2018
With funding from Homebrew, Omidyar Network, TTV Capital, and Designer Fund, the company continues its mission to fight financial crime
SAN FRANCISCO, Oct. 22, 2018 /PRNewswire/ -- Hummingbird, the modern platform for anti-money laundering (AML), announced that it has raised $3 million in a funding round led by Homebrew, with investments from Omidyar Network, TTV Capital, and Designer Fund. Hummingbird brings agility, intelligence, and breadth to the AML practice for banks, payments companies, and other financial institutions. Many of these institutions struggle to keep up with increasing complexity in AML, and investigators are swamped with cumbersome workflows, strict timelines, and scattered data. Hummingbird uses machine learning and provides deep investigative capabilities, enabling investigators to focus on fighting financial crime.
"US institutions are spending an estimated $25 billion per year on AML, but they're battling dated technology stacks and manually coordinating detailed workflows," said Joe Robinson, co-CEO and co-founder of Hummingbird. "Hummingbird's technology and algorithms can assist AML experts with complex investigations and help these institutions stay on top of new money laundering methods."
"The same technologies that are transforming finance will fundamentally transform regulation, and Hummingbird is at the forefront of that change," said Kabir Kumar, head of Policy and Ecosystem building at Omidyar Network. "Adding intelligence to the compliance process and making it easier for investigators and law enforcement to follow the money is at the heart of Hummingbird's vision—one that can have a real impact in curbing financing of terrorism, human trafficking, and making the financial system safe for all of us."
Hummingbird's founders have top-tier experience that is balanced between the regulation and the technology sides of the industry. Joe Robinson, along with Jesse Reiss and Ryan Gerard, have backgrounds that include product leadership at Square, while Matt Van Buskirk and Jo Ann Barefoot are former regulators and prominent compliance experts. The company has offices in both San Francisco and Washington, D.C.
"The Hummingbird team brings together a unique blend of regulatory and technology expertise," said Satya Patel, partner at Homebrew. "They've built an elegant solution to a very complex problem, and have the industry knowledge to lead the modernization of the anti-money laundering practice area."
Hummingbird is a modern take on AML case management and investigation. It's the only platform that enables customers to get started without an integration. Hummingbird was intentionally designed to support compliance teams that don't have easy access to engineering or IT resources.
Hummingbird's platform is available for banks, payment companies, cryptocurrency companies, lenders, marketplaces, and other financial services providers. The technology is already available in the United States, and pilots will be reviewed on a case-by-case basis in other countries.
Hummingbird is designed to enhance anti-money laundering and counter-terrorist financing investigations. It reduces cumbersome paperwork, provides insightful analytics, and enables collaboration for compliance professionals and law enforcement agents. We're on a mission to turn the tables against criminals who pollute our financial system. Modern criminals are sophisticated, tech-savvy, and agile. The tools used to fight financial crimes should be, too. To learn more, please visit hummingbird.co or follow on Twitter @HummingbirdFin and Facebook @HummingbirdRegtech.