Creating a product so groundbreaking, one of your customers leads your $30 million Series B

02 November, 2021

Our mission is to create a world where customer onboarding is secure, fast and frictionless—and to get there we need to keep building upon our leading product and recruiting a world class team. 

We started First AML just over three years ago. In that time, we’ve grown to a team of over 90 employees across two countries, have verified 350,000 entities onto our platform, and are partnered with over 300 amazing customers who are leading the way in customer onboarding. 

Our customers helped us shape First AML to what it is today. That’s why we are so thrilled to announce that one of our earliest customers, Sydney based venture capital firm Blackbird Ventures, are leading our NZ$30 million Series B funding round, with support from Headline’s European arm, and existing investors Eliot Crowther, Icehouse Ventures and Bedrock.

We are also excited to announce that Blackbird Partner Samantha Wong will be joining us as a board member for First AML, bringing her experience as a top tier lawyer and familiarity with our target industries to our growth strategy.

Blackbird has been an avid user of First AML for several years. Samantha Wong says, “Blackbird heavily relies on First AML. That is partly what is special about this deal – how intimately connected we are to the customer pain point, our love for the product roadmap, and the network effect beginning to emerge in the product and business model.” 

Our network effect means that as the number of our customers grows, more data is included in our central repository. If a verification already exists within the repository, it can be retrieved immediately with the client’s consent, meaning the AML verification is instantaneous. This means companies, trusts and individuals undertaking repeated AML checks is a thing of the past. 

We know that customer due diligence is a time consuming and intrusive process for your clients, and it can be very hard to get right as a reporting entity. We’ve raised this money so we can keep innovating, and build a solution for a very tricky and mundane problem that affects reporting entities across the globe. 

It sets us up to develop a product that delivers on both compliance and competitive advantage for our customers, as well as begin to introduce First AML into other markets such as Europe and Singapore. 

We think it’s quite special that one of our customers believes in our product so much that they’ve decided to invest in us—and the best part is, we’re just getting started. 

Check out our press release for more details about the capital raise.

About First AML

First AML simplifies the entire anti-money laundering onboarding and compliance process. Its SaaS platform, Source, stands out as a leading solution for organisations with complex or international onboarding needs. It provides streamlined collaboration and ensures uniformity in all AML practices.

First AML transforms an otherwise complex and manual process into one that is simple, cost-effective, and compliant for businesses. By delivering efficiency and time savings, it protects reputations and enables companies to stay on the right side of history in the face of global threats.

Keen to find out more? Book a demo today! No time for a long demo? No problem. See what Source by First AML can do for your business in 2 minutes – watch the short demo here.