Sinpex raises €10M Series A to redefine KYB automation for Europe’s AML era
Sinpex, an AI-powered platform, has secured €10 million in a Series A funding round to enhance Know Your Business (KYB) automation. This investment is crucial for supporting businesses in meeting the stringent requirements of the upcoming 2027 EU Anti-Money Laundering (AML) Regulation, marking a significant step towards improved compliance. The platform streamlines KYB lifecycle management, focusing on efficiency and regulatory adherence. Sinpex is designed as an all-in-one SaaS solution that covers the entire customer and regulatory lifecycle, including document acquisition, Ultimate Beneficial Owner (UBO) identification, and risk assessment. The platform differentiates itself by combining an extensive KYB data model across multiple jurisdictions with AI-driven register and ownership analysis. This enables the creation of fully audit-ready reports. The platform's impact is significant, as it is used by financial institutions like Otto Payments and Bybit, reducing business onboarding time by about 80%. This reduction is particularly impactful for large marketplaces and payment platforms, as it streamlines merchant onboarding processes. By automating data extraction and verification, Sinpex enables compliance teams to focus on exceptions. The EU's new AML framework, fully effective by 2027, will harmonize AML regulations across member states. Sinpex is positioning itself to help businesses meet the stricter requirements, especially around UBO and control structures, through its AI-driven audit capabilities. This harmonisation is designed to close loopholes and make the European financial system more robust.
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