Bits Raises €12 Million to Enhance Automation in FinTech Compliance Workflows
Stockholm-based Bits has raised €12 million in Series A funding to enhance automation in compliance and onboarding for FinTech firms and banks, led by Alstin Capital. The investment aims to unify anti-money laundering and fraud workflows, reducing manual case handling by 50-70% and expediting onboarding times, while expanding data coverage across Europe. Bits plans to scale its market presence, focusing on the DACH region and the UK amid increasing regulatory scrutiny.
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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.
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