Dotfile funding news – Paris-based Dotfile Secures €6Million in Funding

Financial institutions may simplify customer onboarding and comply with complicated AML requirements using the company's AI-powered compliance automation technology. Business verification, or Know Your Business (KYB), is its main focus. It costs time and money and is manual.

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Compliance with changing rules is a need and a competitive advantage for many fintech unicorns. The Dotfile platform aggregates several data sources to give institutions a complete view of any firm in 10 seconds, allowing them to analyze risk fast and correctly.

Dotfile CEO Vasco Alexandre said, “More than $200B is invested in compliance every year, yet 2% of the world GDP is still going through the money-laundering rinse cycle, which is fuelling crime. AI could change how effective those policies are and the positive impact for our societies could be massive,”.

After this most recent fundraising round, Dotfile intends to concentrate on R&D to improve its AI-driven platform even more and broaden its global reach. June saw the opening of the company's first UK office in London, which served as the catalyst for a further expansion into important financial centers.

Alexandre said, “Compliance is costing banks up to 10% of their revenue, 1 out of 4 employees work in a compliance-related position and existing systems are sometimes more than a decade old. With the competition from fintech intensifying, a transition is bound to happen, and generative AI is the tipping point, highlighting the urgency for financial institutions to modernise their compliance procedures."

Aristotelis Xenofontos, Partner at Seaya, echoed these sentiments: “We have been watching the KYC (Know Your Customer) and KYB (Know Your Business) space very closely for over a decade, both from an operational and investment perspective. We have identified this area as one where AI can be transformational meeting client needs. After evaluating more than 20 products and teams in the market, we found in Dotfile the first truly innovative AI solution, combining an unusual deep understanding of the KYB/KYC sector with stellar execution.”

About Dotfile

In less than ten seconds, Dotfile assists financial institutions with global corporate customer verification. The last compliance solution your company will ever require is the Dotfile end-to-end KYB platform.