Steward Raises $5 Million to Enhance AI-Driven Compliance Platform
Steward, a New York-based company specializing in automating compliance processes for financial institutions, has announced a $5 million funding round. The round was led by Motive Partners, with additional participation from investors including Outward VC, Cooley, Shai Wininger, Mark Ransford, Tom Keiser, Remy Astié, Ulric Musset, Mushegh Tovmasyan, and Keith Grose.
Streamlining Compliance with AI
Steward utilizes artificial intelligence to streamline complex investor onboarding processes, Know Your Customer (KYC), Know Your Business (KYB), and Know Your Investor (KYI) procedures, along with ongoing Anti-Money Laundering (AML) monitoring. The platform automates document review, risk scoring, and periodic reviews across the US, UK, and EU, aiming to reduce friction and enhance the efficiency of compliance workflows.
Moshe Lieberman, Co-Founder and CTO, plays a key role in the company's technological advancements. The platform is currently managing compliance processes for assets totaling $100 billion.
Investment Details
The funding round led by Motive Partners signifies a strong vote of confidence in Steward's capabilities. Other notable investors include Outward VC and industry figures such as Shai Wininger and Tom Keiser.
Use of Funds
While specific details on the use of funds were not disclosed, it is anticipated that the capital will be utilized to further develop the AI-driven platform and expand its reach in existing markets.
Conclusion
Steward's latest funding round underscores the growing importance of efficient compliance solutions in the financial sector. With the backing of prominent investors, the company is well-positioned to enhance its offerings and continue supporting financial institutions in navigating complex regulatory environments.