Hummingbird Raises $8.2M To Automate Financial Compliance Technology
Summary
Compliance hurdles—from navigating how regulation applies to fintech startups, to modernizing cumbersome legacy systems—challenge financial service providers, especially as they introduce new offerings. Since its launch in 2017 Hummingbird has helped major financial institutions with trillions in assets under management, as well as tech-savvy trailblazers such as Brex, Upgrade, and Etsy, orchestrate their compliance programs. The new funding will allow us to move forward with technologies that could improve the quality and speed of communication among institutions and leverage structured datasets, with ethical care, for machine learning," said Hummingbird co-CEO Joe Robinson. " Hummingbird will also use the investment to support its expansion into new practice areas, including transaction disputes and consumer protections in lending; continue its operational growth; and enter the European market, starting with Ireland and the U.K. "Partnerships between banks and fintech startups have brought important services to market, but the regulatory complexities of these relationships pose large obstacles to their success," said Hummingbird co-founder and former regulator Matt Van Buskirk. " In the wake of the COVID-19, Hummingbirds leadership anticipates an increase in regulatory dynamics and has prepared to support banks and other financial institutions as the industry adapts to the pandemics economic stressors.