SF based compliance software platform has raised $9m in Seed and Series A financing from Canaan and Greycroft.
A year ago, two payments industry veterans began wondering if something could be done to tackle the growing instances of money laundering, human trafficking, terrorist financing, and other criminal abuses. Today, they believe they have arrived at a solution. Ben Duranske, a former chief compliance officer of Facebook Payments, and Andreas Bayer, who handled compliance engineering for Xoom and Paypal, have announced their new startup — called Beam — that will use machine learning to help banks, broker-dealers, cryptocurrency companies, and other regulated financial groups meet their compliance obligations. Duranske serves as Beam’s CEO, while Bayer has taken the CTO role.