Blockchain Start-up Secures VC Funding to Continue AML and Compliance Development
Coinfirm, a blockchain technology company with a specific focus on Compliance as a Service, has announced an investment of $700k from Luma Ventures, the IT focused VC fund, to scale-up and build additional value to its blockchain AML and compliance platform with further services and features. Coinfirm has opened the current round to other investors. The start-up looks to begin projects with large entities and financial in blockchain and regtech markets institutions.
As the blockchain ecosystem continues to grow exponentially and the regtech market is expected to rise to $100b over the next few years, Coinfirm is positioning itself to participate in both spaces. Their blockchain AML risk and compliance platform solves a significant roadblocks in cryptocurrency and blockchain adoption. By streamlining the compliance process and taking it to near-automation with big data analysis and machine learning Coinfirm’s platform aims to significantly reduce costs and time spent, but also maximize efficiency and change how the compliance landscape has operated until now.
With current clients and partners ranging from Bisnode to Dash, Coinfirm provides actionable data that is valuable for many different kinds of entities and industries whether cryptocurrency, banking or business intelligence. Recently Coinfirm has been dealing with larger and more traditional entities as they began collaborating and partnering with the likes of MIT Enterprise Forum, the largest Polish bank PKO BP and PWC’s Start-up Collider, with more to follow.
The current funding round is being led by Luma Investment, a CEE based fund comprised of veterans and entrepreneurs from multiple industries. Although already invested in many innovative technologies and industries, Coinfirm marks Luma’s move into the blockchain technology space. With their technological development operations and blockchain lab centered in Warsaw, the London based Coinfirm gets an institutional investor that can directly contribute on a regional and international level.
Pawel Kuskowski, Co-Founder and CEO of Coinfirm, said: “We’re growing at a very fast rate and need to scale up quickly to continue to lead and expand on the global market. Luma brings not only a valuable VC investor but also a synergistic one that brings many benefits to the table and we’re looking to bring in co-investors that provide the same dynamic. They give us a new set of extensive experience, network, and assets in tech and financial ecosystems as well as a partner who can assist us on in our further development from the ground up,”
Partner at Luma Ventures, Tomasz Cichowicz explained: “Coinfirm’s team convinced us by showing their in-depth industry expertise, passion and determination to realize their ambitious long-term plan. We are confident that with our support they will secure their leading position in the blockchain AML risk and compliance space. This is an important investment for Luma as it allows us to play a strategic role in the imminent transformation of the FinTech sector,”