Google’s early-stage AI fund has led a $3 million seed round for Arva AI, a startup focused on helping banks and fintech companies automate their Anti-Money Laundering (AML) and Know Your Business (KYB) compliance processes.
Joining Google’s Gradient fund in this round were Y Combinator, Amino Capital, Olive Tree Capital, and several fintech angels.
Arva AI’s platform leverages generative AI to assist financial services firms in balancing robust compliance protocols with efficient customer onboarding, greatly reducing the need for manual review. The platform automates the labor-intensive KYB tasks, transforming fragmented, unstructured data from registries, social media, websites, and documents into actionable risk assessments.
According to the startup, this technology, combined with advanced AI document intelligence for fraud detection and data extraction, enables banks and fintechs to onboard businesses in seconds while adhering to stringent compliance standards.
The funding will be allocated towards product development and expanding their market reach. Eylul Kayin, partner at Gradient, stated, “Arva AI’s approach to automating business verification is exactly the kind of innovation the industry needs, and we’re excited to support their growth.”