Sanctions screening fintech GSS raises £37m in first funding round
RegTech innovator Global Screening Services (GSS) today announced the completion of a successful initial funding round, having raised over $45m / c.£37m from major investors, including AlixPartners, The Cynosure Group, and MUFG. Randal Quarles, chairman and co-founder of The Cynosure Group, and former Vice Chairman of the Federal Reserve System and Chairman of the Financial Stability Board, has joined the GSS board. William Langford, Global Head of Financial Crimes Compliance and Chief Compliance Officer for the Americas at MUFG, will serve as an observer to the GSS Board.
Over the past two years, GSS has partnered with leading financial institutions around the world to create a new collaborative approach to compliance, initially focusing on sanctions screening. In October, SWIFT announced a formal partnership with GSS, providing their expertise on security and data privacy, along with sanctions-specific support on RFIs and assurance.
Incubated by AlixPartners since 2021, GSS is now a standalone company with over 140 people supporting the business on a full-time basis. The GSS platform establishes new standards, leverages cutting-edge technology, including artificial intelligence, and an ecosystem of financial institutions and industry partners to provide streamlined compliance screening for sanctions. As well as improving standards, GSS will drive efficiency, speed up transactions and materially reduce friction for banks’ customers.
The end result will be significantly improved sanctions screening, helping to decrease the millions of international payments that are delayed by screening, whilst improving standards across the industry.
Ancoris Capital Partners (www.ancorispartners.com) served as financial advisor to GSS for this financing.
Tom Scampion, CEO of GSS: “Sanctions screening is both an international security imperative and one of the major sources of friction in the global payment system – at a time when consumers and businesses are increasingly demanding real-time settlement . GSS is uniquely position 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.”
John Cusack, Chair of the GSS Development Board: “The future of compliance will be partnerships and platforms, GSS is both. Working with banks, regulators and the industry as a whole, the GSS platform will improve standards, reduce cost and help deliver effective compliance worldwide.”
Randal Quarles, Chairman and co-founder of The Cynosure Group: “Cynosure invests in rapidly growing, founder and management-owned businesses. Within the world of screening, GSS is the right business at the right time, addressing a problem that is well understood but until now, poorly addressed. We are excited to be partnering with Alix Partners and the GSS management team to be a part of this solution.”
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