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Stockholm-based Bits has secured €12 million in Series A funding to advance automation in compliance and onboarding for regulated FinTech firms and banks. The funding round was led by Alstin Capital, with contributions from Cherry Ventures, Unusual Ventures, and Alliance Ventures, following a €4 million raise earlier in 2023.

Bits aims to unify anti-money laundering (AML) and fraud workflows, significantly reducing manual case handling by 50-70% and expediting onboarding times. The investment will enhance product capabilities and expand data coverage across Europe, addressing the need for streamlined compliance amid increasing regulatory scrutiny. Bits plans to scale its market presence, particularly in the DACH region and the UK.