Anti-Money Laundering And Compliance Tech Company Hummingbird Raises $8.2 Million

By Noah Long • Jul 20, 2020
  • Hummingbird RegTech — a provider of anti-money laundering (AML) compliance technology — announced that it raised $8.2 million in Series A funding

Hummingbird RegTech — a provider of anti-money laundering (AML) compliance technology — announced that it raised $8.2 million in Series A funding. Flourish Ventures led the funding round with new support from notable Stripe alumni Lachy Groom and Jon Zieger and continued support from seed investors including Hombrew, Designer Fund, and TTV Capital, for total funding to date of $11.8 million.

How does Hummingbird work? Hummingbird’s products have driven efficiency gains of 80-90% in financial services providers’ workflows for investigating and reporting suspicious financial activity.

The compliance hurdles — ranging from navigating how the regulation applies to fintech startups to modernizing cumbersome legacy systems — challenge financial service providers especially as they introduce new offerings. And since its launch in 2017 Hummingbird has helped major financial institutions with trillions in assets under management as well as tech-savvy trailblazers such as Brex, Upgrade, and Etsy, orchestrate their compliance programs.

Hummingbird has two main products: a case management, investigation, and reporting platform. Plus it has an API for validating and filing regulatory reports. And these products drive down costs, improve accuracy, and automate financial compliance programs, while also facilitating collaboration and technological advancements:

1.) Hummingbird’s modular platform with flexible inputs and outputs, works gracefully across data sources, teams, partnerships, and other technologies

2.) Hummingbird’s data organization and insights are designed for machine learning

Hummingbird will also use the funding to support its expansion into new practice areas, including transaction disputes and consumer protections in lending; continue its operational growth; and enter the European market, starting with Ireland and the U.K.


“Enhanced data sharing offers enormous potential in how we detect financial crime. The new funding will allow us to move forward with technologies that could improve the quality and speed of communication among institutions and leverage structured datasets, with ethical care, for machine learning. We’re grateful for the opportunity to make regulatory compliance easier and money laundering more difficult.”

— Hummingbird co-CEO Joe Robinson

“Partnerships between banks and fintech startups have brought important services to market, but the regulatory complexities of these relationships pose large obstacles to their success. The Hummingbird team has harnessed compliance expertise with technology expertise to improve the overall viability of the fintech marketplace.”

— Hummingbird co-founder and former regulator Matt Van Buskirk

“We invested in Hummingbird since its inception because it is a business at the intersection of two important trends accelerated by the pandemic – finance embedded in all our digital experiences and the digitization of regulation. The Hummingbird team cracked the code for automation in AML where others have struggled.”

— Kabir Kumar, Director at Flourish Ventures