Cable Raises $11M to Automate Effectiveness Testing of Financial Crime Controls
Cable, provider of the all-in-one financial crime effectiveness testing platform, raised an $11M Series A from Stage 2 Capital and Jump Capital, with ongoing involvement from previous investors CRV.
The need for Cable has never been more pressing, given the extreme volatility of the current regulatory and banking environment. Regulatory compliance and effective controls are front and center in regulators’ minds, especially in the financial crime space. Rapidly changing banking models have regulators sounding alarms about significant emerging risks that need to be managed in new ways. On top of this, consumers and businesses are increasingly choosing to go to financial services providers that put accountability and responsibility first.
Cable is uniquely positioned to help reduce financial crime and provide the transparency that banks, regulators, and consumers want and need.
“The Cable team is building the critical infrastructure our financial system needs to thrive as it evolves in 2023 and beyond,” said Dan Heck, Partner, Stage 2 Capital. “They have built a product that customers value. In the coming years, hundreds of essential financial institutions and technology companies will rely on Cable to improve their financial crime posture. We could not be more excited to support them on their mission.”
Cable has built world-first products to achieve its mission of reducing financial crime, including:
- The first and only Automated Assurance product on the market, which finds financial crime regulatory breaches and control failures in real-time.
- The first and only truly automated risk assessment, which automatically updates for financial crime risk changes.
- Industry-leading Quality Assurance, business intelligence, and workflow tools to finally give Compliance Officers the product they need to excel at their jobs.
Cable’s platform of effectiveness testing tools not only gives banks and fintechs the compliance infrastructure they need to grow, but also enables BaaS banks to have complete oversight over their fintech partners. Cable is helping regulated banks like Axiom Bank, Quaint Oak Bank, and Griffin better manage their fintech partners, and fintech and crypto companies like Tide and Ramp expand rapidly in multiple geographies.
Tarun Gupta, Partner, Jump Capital, said, “At Jump, we look for founder-market fit. Natasha and Katie’s financial crime expertise from Monzo and Square, and their plan for Cable, impressed us. We are incredibly excited to partner with the Cable team and believe they will bring software and automation to what has historically been a largely manual process to test financial crime control effectiveness.”
This fundraising will be leveraged by Cable to reach more customers more quickly with the products and features they need to do their jobs better.
Cable CEO, Natasha Vernier, said, “What we’ve built so far is only the first 1% of the roadmap that we have planned, and barely scratches the surface when we think about our mission. I am delighted to bring Dan and Liz from Stage 2 Capital, and Tarun from Jump Capital, to the table to leverage their go-to-market experience as we look to accelerate through the next phase of our growth.”
Cable will use the investment to hire for roles across its product, engineering, data, and go-to-market teams, and quicken its product development pace to make more headway into the company’s long roadmap of products and features.
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