Ripjar, a United Kingdom-based data intelligence company, raised $36.8M in a Series B funding round in September 2020. Long Ridge Equity Partners led the round, with participation from existing investors, Winton Capital Ltd, Accenture, etc. The company will use these funds to speed up product development. It will also further expand the company, especially in Asia, North America, and Europe, and scale the organization to meet the growing demand for financial crime solutions for global financial institutions, government agencies, and corporates. With this round, the company’s total funds raised reaches the $60M mark.
Founded in 2013, Ripjar provides a data intelligence platform, Labyrinth, that uses Artificial Intelligence to protect organizations against financial crime threats like money laundering, fraud, and funding terrorism. Labyrinth takes both structured and unstructured data and checks and analyses its activity using natural language processing. It automatically checks it against other data sources like sanctions lists, politically exposed persons (PEPs) plans, and transaction alerts. Labyrinth enables human analysts to make better-informed decisions with speed and accuracy, saving their clients’ cost and time.
COVID-19 has hit many businesses, but Ripjar claims to have doubled in size. This is due to more and more companies and people shifting online for all types of needs making them vulnerable to financial crime and cyber threats. Ripjar comes to the rescue with its Artificial Intelligence platform that helps its clients cut costs and protect them against any financial crimes. It has experienced rapid growth during the COVID-19 period, with six newly signed enterprise customers, four major client expansions, and over 20,000 users globally.