FinTech Magazine’s Top 10 regtech companies

Regtech is becoming all the more important in the world of fintech. As innovations in the crypto, open finance and anti-money laundering (AML) and know your customer (KYC) segments – to name a few – continue to hit the market at pace, regulators must play catchup to an ever-changing ‘new normal’. 

Here, FinTech Magazine ranks the Top 10 regtech companies today, as they aim to help financial institutions (FIs) remain compliant and keep their reputations intact. 

10. Elliptic

Elliptic operates blockchain analytics and crypto compliance solutions to help keep blockchain-based firms and cryptocurrencies compliant. Founded in 2011, the regtech specialises in financial crime compliance. Its mission is to see the cryptoasset industry reach its full potential by operating within financial crime regulatory frameworks. As blockchain technology evolves, Elliptic aims to be on hand with the most up-to-date compliance solutions for its clients and partners. 

9. Sift Science

Regtech Sift is a leader in supporting businesses against all aspects of fraud operations. Offering a single platform to its clients, Sift makes it simple for any business to manage and track fraud by eliminating the need for point solutions. The company provides the connection of multiple tools with real-time data, allowing businesses to detect fraud more simply and flexibly, leveraging automation at every touchpoint of the process.

8. SymphonyAI

SymphonyAI (formerly Ayasdi) is a leader in machine learning technology, which is today leveraged by big banks and financial institutions to analyse market and operational risks, as well as to detect potential money laundering patterns. First developed for use by defence agencies, SymphonyAI now has a track record for supporting banks. It helped reduce HSBC’s false positives in money laundering surveillance by 20% and enabled Citigroup to pass stress tests imposed by the US Federal Reserve. 

7. Trunomi

Trunomi runs an Enterprise Privacy Platform, enabling companies to meet all regulatory requirements for global data privacy regulations. The company has raised US$16.3m since its founding and is today a leader in solving to KYC and data sharing challenge for the financial industry. Its TruHub solution enables enterprise onboarding, while its customer-facing app TruMobile helps financial institutions use their customers’ data and encourages individuals to share their personally identifiable information (PII). 

6. Mitratech

Mitratech is the proprietor of Continuity, an automated risk and regulatory compliance management software for the financial services industry. Leveraging cloud-driven, automated regtech software, Continuity makes it easier for banks, credit unions and fintechs to mitigate risks, remain compliant and control exposure to third-party threats. With an in-house expert team and Regulatory Operations Centre, Continuity analyses each regulatory update to provide recommended next steps for its client base. 

5. Hummingbird

Regtech Hummingbird is on a mission to fight financial crime by using better communications and technology. The company focuses on three key areas to support its financial services clients in the fight against fraud. The first is efficiency: Increasing the speed at which financial institutions can investigate, identify, and act to prevent crimes. The second is intelligence: Organising the information and trends required to spot unusual activity and investigate it. And third is collaboration: Sharing secure information and collaboration tools to avoid the information silos that give criminals an advantage.

4. Forter

Regtech for digital commerce, Forter delivers its clients with accurate, real-time decisions for every digital interaction with data powered by the digital commerce network it serves. The company continues to expand its global customer network today and currently processes over US$250bn in gross merchandise value per year. With Forter’s Identity Protection product, customers can stop ATOs and prevent fraudulent purchases with saved payment details.  Commerce clients that Forter already serves include the likes of Nordstrom, Sephora, Instacart, Adobe, Priceline, and more.

3. Ascent Regtech

Ascent Regtech specialises in providing its clients with bespoke regulatory and compliance services, cutting through the clutter by offering advice and information specific to the customer in question. Those who use Ascent’s services can streamline their compliance processes, even in multi-jurisdictional operating environments, with access to pinpoint regulatory obligations under federal, state or municipal rule. What’s more, Ascent helps its customers integrate compliance with internal policies, procedures and operational tools to maximise compliance at every level. 

2. ComplyAdvantage

Sitting at the height of innovation in the regtech space, ComplyAdvantage levels AI to drive its fraud and AML risk detection solutions and services. Its AI-enabled tools help clients improve compliance workload efficiency, reduce false positives by up to 70% and shorten the onboard cycle time by as much as 50%. ComplyAdvantage is partnered with over 1000 companies today, which benefit from the constantly updating information the regtech provides about high-risk individuals, entities and activities. ComplyAdvantage employs a team of experts too, who inform their clients on the latest best practices, helping them stay one step ahead of ever-changing regulatory requirements.

1. Chainalysis

At the peak of our Top 10 regtechs sits Chainalysis. Trusted by some of the world’s leading financial institutions, Chainalysis operates a blockchain data platform and provides analysis services. Founded in 2014, the regtech was the first startup dedicated to Bitcoin tracing. Today, Chainalysis is a leader in cryptocurrency investigation and compliance solutions, offering its services to several global law enforcement agencies, regulators and businesses in the fight against illicit cryptocurrency activities. Backed by venture capitalists including Benchmark, the regtech has raised a significant US$436.6m since its founding, notably raising US$170m in Series F funding in 2022 with lead backing from GIC. Looking to the future, Chainalsysis will continue its mission of paving the way for a global economy built on blockchain technology. 

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