Correction: This post previously incorrectly reported that Atlanta, Georgia-based Themis raised funds. Today’s round is actually attributed to U.K.-based Themis. While both companies operate in the regtech realm, the former, a Finovate alum that recently won Best of Show, offers a platform that streamlines compliance and collaboration between fintechs and banks, bringing regulatory insight to help banks and fintechs more effectively manage compliance. The latter is a digital financial crime platform that helps businesses manage their financial crime risk exposure.
Regtech platform Themis raised over $9.2 million (£7.25 million) in its scale-up round.
The round, which is expected to close on December 16, 2024, exceeds Themis’ initial target by a significant margin.
Themis will use the funds to leverage AI to continue to democratize due dilligence.
Regtech is rising across the fintech sector, and to prove it, financial crime risk management platform Themis has pulled in more than $9.2 million (£7.25 million) in a scale-up round that surpasses its target.
“Exceeding our funding target reflects not only the confidence of our investors but also the strong financial fundamentals and scalability of our business,” said Themis CFO Simon Samuel. “This additional capital provides us with the financial runway to strategically invest in key areas like AI innovation, market expansion, and operational efficiencies, ensuring long-term sustainable growth.”
The investment, which is expected to close on December 16th of this year, exceeds Themis’ initial target of $3.8 million to $6.3 million (£3 million to £5 million). Once finalized, the funds will add to the U.K.-based company’s existing $6 million (£4.8 million) raised, totaling more than $15 million.
“Surpassing our Scale-Up Funding target by such a significant margin demonstrates the strength of Themis’ vision and its relevance in today’s financial landscape,” said Themis CEO Dickon Johnstone.
Themis was founded in 2018 to help reduce the global impacts of financial crime. The company’s platform, which helps clients identify and manage their specific financial crime risks, leverages KYC and AML data to help companies verify the true identity of their clients while remaining compliant. Themis will use this most recent round to pursue its mission to democratize due diligence by leveraging AI advancements with its financial crime expertise.
Financial services has experienced a surge in regtech adoption, driven by the growth of AI and machine learning, as well as an evolving regulatory landscape. In 2025, regtech is poised to further enhance compliance processes with real-time risk management, automated reporting, and enhanced collaboration between banks and regulators. According to Angela Strange, General Partner at Andreessen Horowitz, regulation will become code.
“Today, banking and insurance regulations span tens of thousands of pages; SBA lending documentation alone exceeds 1,000 pages,” said Strange. “For businesses, keeping on top of these codes requires byzantine workflows and many hours spent hiring and training staff. Imagine, instead, that those lengthy documents — including text, images, and case precedents — could be used to train regulation-specific LLMs. Suddenly, compliance would become as simple as a Google query. ‘Is [X] compliant? What modifications need to be made?’”
Photo by Meriç Dağlı on Unsplash
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