FinTech news in compliance category

Passthrough competes directly with firms like Anduin and Plus Subscribe, which offer a suite of investment fund services including customer relationship management systems, investor portals and data storage. According to Flannery, Passthrough has processed billions of dollars in investments for more than 12,000 unique investors and over 250 customers, including $50 million venture firms and $100 billion dollar-plus global asset managers. Our goal is that no matter how investors invest into a venture fund, private equity fund, or any other alternative asset, Passthrough will be the one powering it. Flannery says that the round — which values Passthrough at $50 million — will be put toward product R&D, marketing and scaling Passthrough’s core offering.

Shingal, the startup’s CEO, said crypto hedges and investment funds often run with a small number of staff, and the process of calculating tax and performing compliance is time consuming because they have to pull data from multiple sources, merge it and then adhere to different compliance and reporting regulations for each type of transaction. Founded in May 2022 by Tonmoy Shingal and Pankaj Garg and based in Bangalore, Binocs currently has over 1,000 users, including retail and institutional investors who need to perform forensic accounting and risk management. He added that regulations are one of the biggest obstacles to more adoption of crypto, with about 15 to 20 countries that currently tax crypto investments, and 60 to 70 that will in the future. Binocs’ founders point to figures from the Coin Market Cap that say the total market cap of the crypto industry rose from about $325 billion in September 2020 to $1 trillion in September 2022.

Showing that the regtech industry remains robust to economic headwinds, private equity firms Centerbridge Partners and Bridgeport Partners today announced plans to acquire the publicly-traded Computer Services, Inc. (CSI), a provider of payments processing and regulatory compliance services, for $1.6 billion in an all-cash deal. Centerbridge and Bridgeport note that the deal, if approved by shareholders and regulators as they expect in Q4 2022, will net CSI shareholders a 53% premium over CSI’s closing stock price as of August 19. CSI’s board unanimously approved the plan to take the company private; post-acquisition, its stock will no longer be listed on the public market. Throughout the 1980s, CSI built a network of data centers, began selling its first PC software, and developed what it claims was one of the first online ATM systems.

HR workers can use the platform to open employer and tax accounts automatically — Mosey shows the requirements in each location across payroll, registration and taxes.

Ozark less-than-satisfactory experience with existing financial compliance software led him and Madhu G. Nadig to co-launch Flagright. Ozkan is the founder of Flagright, a startup that aims to prevent financial crime, like money laundering or terrorist financing, with an API-first product.

Hayes stepped down from his prior role as CEO of BitMEX in October 2020, though sources told The Block that he played a role in the layoffs, in part through his support of BitMEX pivoting away from its core focus on derivatives.

When customers move money to their wallet via credit card, debit card, or ACH transfer, Sardine assigns a risk score to the card or bank account being used through an algorithm and assumes fraud liability for the transaction.