The round saw participation from the Firstpick accelerator and venture capital fund. AMLYZE, an anti-financial crime solutions company, is planning to utilize this funding to expand its reach beyond the Baltic States as it continues to develop solutions for fintechs, neobanks, and crypto businesses.
AMLYZE’s services and recent developments
The United Nations Office on Drugs and Crime estimates that global financial crime accounts for 2% to 5% of the annual global GDP, ranging from EUR 715 billion to EUR 1.87 trillion. AMLYZE offers anti-financial crime solutions such as transaction monitoring, risk assessment, and case investigation to its clients.
With a focus on customers in the Baltics and the UK, after receiving pre-seed investment from Practica Capital, AMLYZE is preparing for international expansion. The raised capital will be used to scale their SaaS solutions, expand internationally, and enhance core functionalities.
Commenting on this news, Donatas Keras, Founding Partner of Practica Capital, noted that the company’s emergence in the region comes as no surprise due to Lithuania’s significant experience across the fintech ecosystem over the past decade. Keras believed that with a well-defined team and strong potential, AMLYZE can bring category-defining products to an extensive and growing market.
CEO and co-founder of AMLYZE, Gabrielius Bilkštys, highlighted that the company has assembled a team comprising experienced IT and anti-financial crime professionals, along with former regulators and supervisors from central banking and law enforcement backgrounds. The team is recognized as industry experts who can assist financial institutions in meeting regulatory requirements and improving compliance efficiency.
AMLYZE’s development strategy
BEGINNING OF 2023 marked several advancements for AMLYZE, including collaboration with Skaleet to integrate its AML tool into the core banking platform (CBP) for enhanced financial crime prevention. Prior to this, AMLYZE had made updates to its core product for AML-related processes.
Another partnership was formed in FEBRUARY with iDenfy, an identity verification provider based in Lithuania, aimed at assisting SMEs combat financial crime. This collaboration followed the January agreement with Odanto, a fraud prevention company, which sought to help financial institutions match business growth with risk exposure.
