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Home » Zango has come out of stealth mode, securing $4.8 million to transform financial compliance systems using AI agents.
AI in Finance

Zango has come out of stealth mode, securing $4.8 million to transform financial compliance systems using AI agents.

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Zango Secures $4.8 Million to Revolutionize Regulatory Compliance

Zango has successfully raised $4.8 million in a funding round led by Nexus Venture Partners, a prominent global venture capital firm managing over $2.6 billion. This latest round also saw participation from South Park Commons, Richard Davies, CEO of Allica Bank, Alan Morgan, former financial services consultant at McKinsey (EMEA), and venture firms such as Mark Ransford from Capital Concept, No Label Ventures, and Start Ventures.

Transforming Compliance in Financial Services

“The traditional SaaS stops at KYC and AML, leaving the rest of the compliance buried in spreadsheets and manual reviews. Zango changes this,” said Ritesh Singhania, co-founder of Zango.

Zango is already making significant strides with established banks, including Novobanco, the fourth-largest bank in Portugal, and is gaining traction with key NEO banks in the EU and UK, such as Monzo and Juni.

Addressing Regulatory Complexity

The landscape of financial regulations is vast, extending over tens of thousands of pages. This complexity often results in slow manual workflows and heightened costs for companies striving to maintain compliance. Zango tackles this challenge by transforming regulatory intricacies into clear requirements. Their innovative approach leverages large-language models (LLMs) specific to regulations, simplifying compliance to the level of a straightforward inquiry, enabling businesses to launch new products and expand into new markets with unmatched agility and certainty.

Streamlined Compliance Processes with AI

With Zango.ai, asking a compliance-related question becomes as simple as searching on Google: “What do I need to do to launch a loan product in [market]?” Zango’s AI agents don’t just parse regulations but instead seamlessly integrate into daily operations. For instance, a workflow that once required 48 hours with a bank’s regulator has been reduced to under 4 hours, showcasing the transformative potential of AI in regulated environments.

Partnerships that Elevate Compliance Standards

“We do not sell a platform – we sell a solution,” Ritesh Singhania stated, emphasizing that Zango’s AI agents collaborate with human expertise to ensure 100% clarity in compliance measures. “Peace of mind comes not from a tool but from tangible results. This is our competitive edge over traditional consultants,” he added.

Founders with Proven Track Records

Zango was co-founded by Ritesh Singhania and Shashank Agarwal, both seasoned entrepreneurs with extensive knowledge in regulatory technology. Ritesh previously founded Clearglass, a pension compliance platform, while Shashank co-founded Thirdwatch, an AI-driven fraud detection startup that was acquired by Razorpay.

Positive Industry Reception

“The global regulatory landscape is ripe for disruption,” said Anand Datta, partner at Nexus Venture Partners, praising Ritesh and Shashank for their expertise. “Their AI-led solution is already enhancing compliance teams and boosting efficiency across global financial institutions.”

Feedback from clients like Novobanco indicates strong satisfaction as well. “Zango AI has transformed our compliance processes, saving hundreds of manual hours and enabling our team to focus on strategic initiatives,” stated Lara Reis, regulatory business manager at Novobanco.

Future Plans for Expansion

The funds raised will be utilized to expand teams in London and Bengaluru, as well as to develop additional products for an AI-native regulatory compliance framework. Zango aims to diversify into other financial services sectors, including insurance and asset management, to further their mission of making compliance more efficient and less burdensome.

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How financial services firms leverage agency AI for enhanced productivity, efficiency, and security

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Trump seeks to eliminate AI regulations to secure victory in the AI competition, according to NPR.

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