UK Regtech Firm GSS Secures £37 Million in Series A2 Funding

38

In its latest funding round, UK-based regulatory technology (regtech) company GSS has raised £37 million, building upon an initial £37 million investment received in January 2023. Notable investors in this round include returning backers AlixPartners, The Cynosure Group, and MUFG, alongside new participant Commonwealth Bank of Australia (CBA).

CBA’s Executive General Manager of Financial Crime Compliance, John Fogarty, will join GSS’s board as part of the investment. Fogarty expresses CBA’s potential interest in leveraging GSS’s technology to enhance efforts in preventing sanctioned entities from engaging in financial transactions related to Australia, while also expediting international payments for its clientele.

Established in 2021 and originally nurtured by AlixPartners before emerging as an independent entity the subsequent year, GSS specializes in providing a transaction screening platform tailored to assist banks and financial institutions in fortifying and streamlining their sanctions compliance procedures.

According to GSS, this fresh influx of capital aligns with the company’s transition from the developmental phase to operational readiness, as it gears up to onboard its inaugural clients.