Condukt, an AI-based compliance startup founded by former Revolut employees, has secured $10 million to expand into regulated financial services.
The funding round was led by Lightspeed Venture Partners and MMC Ventures, with contributions from Cocoa Ventures.
Condukt was established by seasoned fintech professionals Paulo Guichard and Bhasker Rao, who previously worked together at Revolut Business and have held senior roles at SumUp and Square. The company operates from London and Porto, leveraging a team of former engineers from Revolut and Meta.
Launched in May 2023 and operating in stealth mode until now, Condukt already supports compliance for prominent fintech companies, including Wise, Tide, Mollie, Rakuten, Shift4, Flatpay, and myPOS.
The platform features a proprietary real-time data layer that continuously aligns with clients’ operations. Its advanced technology automates manual compliance workflows, updates outdated datasets, and tracks business changes as they happen.
“Compliance should be a growth enabler, not a bottleneck,” states CEO Guichard. “Our vision is an agentic onboarding solution that fully automates KYB checks. We designed Condukt as an always-on nervous system that integrates real-time data. By combining this unique data infrastructure with AI agents, we eliminate repetitive checks and ensure compliance adapts to any business change.”