Zango AI Obtains $4.8 Million Funding for Financial Compliance Transformation
In the bustling world of financial services, London-based regulatory compliance platform Zango is making waves by simplifying and streamlining regulatory management for financial institutions, including neo banks like Monzo and Juni.
Zango's unique approach to compliance sets it apart from traditional consultants. Instead of relying on software alone, Zango provides a solution that ensures 100% accuracy and peace of mind through results, not just promises. This is achieved by employing AI agents that continuously scan regulations, identify gaps, and keep businesses audit-ready, transforming compliance from a reactive, manual process into a strategic advantage.
The AI agents utilise Large Language Models (LLMs) to translate complex financial regulations into clear, actionable requirements, making compliance more intuitive and efficient. This allows businesses to launch new products and expand into new markets with confidence.
The efficiency and cost savings brought about by Zango's AI-led solution are significant. By automating compliance processes, Zango reduces the need for manual reviews and spreadsheets, freeing up time and resources for financial institutions.
For neo banks like Monzo and Juni, Zango's AI-led compliance solution helps streamline their regulatory compliance processes, enabling them to focus on strategic initiatives rather than manual compliance tasks. This simplification allows for quicker expansion of services and entry into new markets, positioning compliance as a growth centre rather than a cost centre.
The adoption of Zango's solution is not limited to the UK and EU. It is gaining traction with neo banks across the globe, indicating its potential to become a standard tool for managing regulatory complexity in the digital banking landscape.
Ritesh Singhania and Shashank Agarwal, the co-founders of Zango, developed a unique approach that combines AI with human compliance expertise. The platform is expected to expand beyond banking into industries like insurance and asset management.
Zango recently raised $4.8 million in funding, led by Nexus Venture Partners. Anand Datta, Partner at Nexus Venture Partners, expressed his excitement about the transformation Zango AI has brought to compliance processes. Participants in the funding round include South Park Commons, Richard Davies (CEO of Allica Bank), Alan Morgan (former head of Financial Services at McKinsey EMEA), Mark Ransford, Notion Capital, No Label Ventures, and Start Ventures.
The funds will be used to grow teams in London & Bengaluru and develop additional AI-native GRC modules. Regulatory workflows can be reduced significantly using Zango's AI agents, with an example of a reduction from 48 hours to under 4 hours.
Novobanco's Head of Regulatory Affairs, Lara Reis, finds Zango to be a game-changer for Horizon scanning, set to revolutionise the second line of defence work in regulated industries. Sabina Ausfelt, Head of Compliance at Juni, also finds value in Zango's solution.
As Zango's AI agents continue to evolve, they are poised to revolutionise compliance processes further, setting a new standard for regulatory management in the financial sector.
Technology and artificial-intelligence are integral components of Zango's unique regulatory compliance solution, enabling financial institutions to automate their compliance processes, thereby significantly enhancing efficiency and reducing costs. By employing AI agents that utilize Large Language Models to translate complex financial regulations into clear, actionable requirements, Zango allows businesses to launch new products and expand into new markets with confidence.
