Slough Fintech firm Armalytix raises $1 million to develop Source of Funds tech

By Sam Pither

29 September 2022

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Armalytix, fintech firm focused on streamlining data collection and intelligence, has completed a targeted fundraise of $1 million, which it will use to develop its Source of Funds offering.

The Slough-based company provides financial insights for anti-money laundering checks to the professional, financial service and betting and gaming sectors. Traditionally, firms in these sectors carry out manual procedures for Source of Funds checks.

As regulatory focus has increased, these firms have struggled to continue to conduct these checks sufficiently, which has led to a number of fines. Armalytix’s Sources of Funds technology makes completing these checks faster and more efficient.

Richard McCall, CEO at Armalytix, said: “This capital, raised from individuals with first-hand knowledge of the AML challenges facing the finance sector, will help Armalytix to expand its growing market stronghold across Legal & Property.

“Additionally, we have seen increasing numbers of fines relating to Source of Funds across finance and betting and gaming, which presents a clear opportunity to help more firms in these sectors.”

New and existing investors across the financial world have contributed additional capital, with many from background working for companies such as HSBC, UBS, Bank of America and Goldman Sachs – businesses which have experienced the challenges associated with Source of Funds checks.

Mike Stewart, Armalytix investor and former Head of Investment Products and Services at UBS Private Bank said: “Over the years in my various roles within global banking I’ve experienced first-hand the challenges in establishing Source of Funds.

“Armalytix is a business ahead of the curve, having dramatically simplified this complex AML check. Now, as the various regulators emphasise the importance of Source of Funds checks across multiple industries, I’m confident that Armalytix is ideally placed to help a significant number of firms in the UK and beyond”

By Sam Pither

Sam is the Regional Editor of Biz News, responsible for both Hampshire and Dorset.

A new recruit to journalism, Sam started writing for the Business Magazine as a freelancer in May of 2022 after completing his degree in English at University College London. His passion for local businesses and ability to tell a story soon caught the attention of the publication’s management team and have led to his meteoric rise.

Sam, who lives in central Reading, takes a particular interest in technology, gaming and food and drink, having been a chef before starting his degree.