Dotfile raises €6M to automate compliance for financial institutions with Al

Dotfile announced the successful completion of a €6 million funding round, led by Seaya Ventures and supported by existing investors Serena Capital and Hexa. This investment follows our initial €2.5 million round last year and signifies a pivotal moment in our mission to transform compliance for financial institutions.

Dotfile’s goal  is to streamline compliance processes for financial entities, particularly in Know Your Business (KYB) verification. Our AI-powered platform automates customer onboarding and adheres to Anti-Money Laundering (AML) regulations, generating complete business profiles in just 10 seconds.

CEO Vasco Alexandre states, "More than $200B is invested in compliance every year, yet 2% of the world GDP is still going through the money-laundering rinse cycle, which is fueling crime. AI could change how effective those policies are, and the positive impact on our societies could be massive."

As regulatory pressures increase, demand for our platform has surged. Currently, over 50 clients across 10 countries—including banks and fintech companies like Spendesk and Younited Credit—trust Dotfile for their compliance needs.

Dotfile’s CEO, Vasco Alexandre, highlights, "Compliance is costing banks up to 10% of their revenue, with 1 out of 4 employees working in a compliance-related position. Many of the existing systems are more than a decade old. With competition from fintech intensifying, a transition is bound to happen, and generative AI is the tipping point."

Seaya Ventures recognizes the transformative potential of our innovative approach to KYC and KYB challenges.

With this new funding, Dotfile is set to enhance its offerings and empower financial institutions to turn compliance into a competitive advantage.

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