- Cable received $11 million in Series A funding, boosting its total raised to over $16 million.
- Cable will use the funds to boost hiring and speed up its product development to help crack down on financial crime.
- Cable’s technology helps BaaS banks oversee their fintech partners to remain compliant.
Financial risk control platform Cable announced an $11 million investment today. Today’s investment, which boosts the company’s total funding to just over $16 million, comes from Stage 2 Capital, Jump Capital, and existing investor CRV.
The London-based company will use the Series A funding to solve what it calls a “$4 trillion problem,” financial crime. Specifically, Cable will use the money to ramp up hiring across its product, engineering, data, and go-to-market teams, and speed up its product development.
“Raising money in and of itself is not our goal at Cable,” company CEO Natasha Vernier said. “We look at this fundraising as a way to reach more customers more quickly with the products and features they need to do their jobs better. To that end, we’ll be using this money to hire across our product, engineering, data, and go-to-market teams, and quicken our product development pace to make more headway into our long roadmap of products and features.”
Cable’s financial risk control platform helps firms reduce financial crime with automated account monitoring, quality assurance that minimizes the need for human review with simplified testing, real-time alerts, reporting, risk assessments, and more.
Cable was founded in 2020 and demoed its technology at FinovateFall 2022 in New York. Since launch, the company has debuted its Automated Assurance product that identifies financial crime regulatory breaches and control failures in real-time, launched its automated risk assessment tool, and created its Quality Assurance tool that offers business intelligence and workflow tools to help compliance officers succeed.
The company’s technology doesn’t just help banks manage financial crime. Cable’s infrastructure is aimed to work in the banking-as-a-service (BaaS) era, offering BaaS banks oversight over their fintech partners. In fact, Axiom Bank, Quaint Oak Bank, and Griffin are currently leveraging Cable to manage their fintech partners.