Sedric.ai, an infotechnology startup based in Tel Aviv and New York, has raised $ 3.5 million. seed financing to change how fintech organizations comply with consumer protections.
The turn was driven by StageOne Ventures and was attended by former managing director James Kong BlackRock; Micha Breakstone, co-founder of Chorus.AI; and Alon Shemesh, co-founder of Fort; and Homeward Ventures. The funding allows the startup to support its global expansion, while including new fintech customers. Nate Meir, CEO of StageOne Ventures, mentioned the company’s turn-based participation:
“The global fintech industry is expected to reach $ 190 billion by 2026, and is designed to help Sedric support companies and brands in protecting industrial companies and brands. it gives them the ability to manage variable rules quickly and easily. We are excited to maintain Sedric’s role in supporting global expansion and fintechs around the world. ”
Founded in 2020, Sedric.ai makes it easier for fintech organizations to comply with regulatory requirements by increasing consumer protection. The startup achieves this by providing a platform that monitors all customer commitments, and automates the detection of interactions that may be at risk of being met. As a result, the time and financial costs associated with manual reviews are reduced and there is a need for ongoing reviews as the regulatory landscape changes. Nir Laznik, founder and CEO of Sedric, said about the difficulties the fintech industry has to face:
“The cost and non-compliance caused by non-compliance is the biggest risk for the growing fintech industry. Regulators around the world are racing to add more rules to protect customers, requiring ongoing monitoring and real-time deployment for fintechs to navigate and grow. We are pleased to expand our services worldwide and provide an advanced compliance platform that helps fintech significantly reduce risks and help them scale. ”
To date, machine learning has proven to be a particularly good technology for achieving similar feats that require analyzing multiple data points, and provides organizations with easy resources to adjust parameters as conditions change. With that compliance As a top priority for Fintech industry members, Sedric.ai aims to provide organizations with an easy solution to grow more efficiently and gain a competitive advantage in a marketplace. was expected It will cost $ 26 trillion by 2022.