[Funding alert] London-based Global Screening Services Secures $47Million in Series A2 Round Funding

This significant investment coincides with the company's transition from the development phase to the operational phase as the cloud-native platform prepares to go live with its inaugural clients.

Exciting Collaborations and Future Prospects:

Global Screening Services has received significant support from existing investors, who continue to place confidence in the company's potential and progress to date. The shareholder base includes two major financial institutions, MUFG and CBA, reflecting the industry’s recognition of GSS' potential to transform compliance standards.

Global Screening Services, a regtech startup will continue with its uniquely formed Advisory Board with more than 30 global financial institutions. The board have worked together since 2021 to create a common technology framework and agree standards for the financial sector.

Read more - Lisbon-based UpHill Raises €7 Million in Series A Round Funding

This will help enhance compliance and processing efficiency across the industry. This funding milestone marks a pivotal moment for GSS as it officially transitions into operational mode, putting its progressive RegTech solutions into action.

The infusion of funds propels the company to achieve its mission of reshaping regulatory compliance globally. Originally incubated by AlixPartners, GSS employs innovative technologies, to establish new compliance industry standards as financial institutions grapple with the increasing complexity of the sanctions landscape.

Amidst ever-growing numbers of crossborder payments, the platform acts as a collaborative hub, bringing together financial institutions and industry partners to deliver
efficient and effective transaction screening for sanctions.

Tom Scampion, CEO and Co-founder of GSS, expressed enthusiasm about the funding round, stating, "GSS is uniquely positioned to deliver improved regulatory compliance and an enhanced customer experience. We're delighted to have closed this funding round and to be working with such incredible partners to take GSS to market."

Mr Fogarty said: “Banks play a critical role in combating financial crime and protecting their customers, the community and integrity of the financial system. We’re excited about the potential of GSS with its global reach and look forward to seeing how CBA can potentially utilise this technology to continue to prevent sanctioned parties from accessing and moving money into or out of Australia, whilst also speeding up the millions of international payments for our customers.”

Randal Quarles, Chairman and Co-founder of The Cynosure Group, commented on the funding round, "As an investor committed to fostering innovation, we at The Cynosure Group are thrilled to continue our partnership with GSS. The strides made since our initial investment underscore the company's potential to revolutionize the sanctions screening industry. We look forward to supporting GSS in their continued journey towards solving critical challenges with ingenuity and impact."

About Global Screening Services (GSS)

Global Screening Services , a uk startup brings global financial institutions together to deliver higher standards in compliance, providing a trusted platform to enhance and exchange information. The first service delivers sanctions transaction screening, built on industry standards and improved processes. Services under GSS are easily accessible to everyone, delivering greater effectiveness, improved efficiency, and the reduction of friction.

Read also - London-based Oriole Networks Secures £10Million in Seed Funding