Lithuanian peer-to-peer lending platform Savy has chosen Amlyze for its anti-money laundering and compliance options.
Savy’s platform will use the regtech firm’s core modules, together with buyer danger evaluation, retrospective transaction monitoring, case administration, and worldwide sanctions screening.
“As the necessities for fintech establishments to make sure the prevention of cash laundering and the financing of terrorism grow to be extra stringent and the controls extra rigorous, we determined to entrust this process to market specialists when planning our worldwide enlargement,” mentioned Danatas Cerjazdanovas, chief govt of Savy’s mum or dad firm Bendras Finansavimas.
Savy has funded greater than €80m (£69m) of loans because it was launched in 2014 and has paid out greater than €12m in curiosity to buyers.
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Amlyze mentioned that is the second P2P lending platform that has chosen to make use of its compliance answer.
“Cash laundering and terrorist financing necessities have gotten related not just for monetary establishments immediately concerned in funds but in addition for all these companies whose actions are intently associated to the stream of monetary transactions,” mentioned Gabrielius Bilkstys, chief govt and founding father of Amlyze.
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“We’re glad to assist Savy of their strategy in the direction of reinforcing inner controls by leveraging Amlyze anti-financial crime options.”
In Might this yr, Amlyze closed a €1m pre-seed funding spherical led by Practica Capital, a enterprise capital agency within the Baltics, and FIRSTPICK, an accelerator and enterprise capital fund investing in know-how corporations throughout the area.
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