First AML Raises $21M in Series B Funding

first aml

First AML, a New Zealand-based customer Due Diligence (CDD) and Anti-money laundering (AML) tech company, raised US $21m (NZ $ 30m) in a Series B funding.

The round was led by Blackbird Ventures and Headline, together with participation from existing investors Bedrock Capital, Icehouse Ventures and Pushpay founder Eliot Crowther.

The company intends to use the funds to expand its solution to Europe and double its global headcount from 90 to 180 employees.

Founded in 2017 by CEO Milan Cooper, Bion Behdin and Chris Caigou, First AML provides a regulatory technology (RegTech) solution that allows B2B clients such as financial service providers, law firms, real estate agencies, and accountants, to streamline their anti-money laundering compliance processes and minimize risk. The platform automates the identity verification of customers, with complete visibility and management oversight and also includes biometric identification for remote verification and visual tools to help users understand the ownership of complex company structures.

Launched in 2017 in New Zealand, the company has since expanded to Australia in 2021.