WorkFusion, a pioneer in AI agents for financial crime compliance (FCC), announced it raised $45 million in funding. The round was led by Georgian, a growth-stage B2B investor helping companies scale faster via its AI Lab. The new investment furthers the company’s focus on delivering agentic AI to the burgeoning $155 billion FCC operations industry.
Leveraging the company’s rich decade-long automation and intelligent document processing (IDP) history, WorkFusion restructured its business in 2022 to focus on delivering AI Agents that automate the highly manual, error prone and document-heavy work processes for financial crime compliance operations. Today, its solutions are deployed at leading banks around the world, including 10 of the top 20 banks, automate over 1 million alert hits and save 5,000 FTEs per day.
The company’s AI Agents reduce manual work and allow FCC operations teams to scale capacity by 3-5X in job functions such as sanctions screening alert review, adverse media monitoring, transaction monitoring investigations, onboarding, Know Your Customer (KYC) refresh, enhanced due diligence/high risk review and fraud alert review.
WorkFusion’s agentic AI for FCC is easier, faster and cheaper than hiring or outsourcing, and brings greater confidence to banks and financial institutions that work is done consistently and accurately, backlogs don’t accumulate, and compliance with policy and regulations is significantly strengthened. Additionally, analysts are freed up from busy work and organizations avoid the looming overflow of alerts that bury teams, increase risk, and explode costs.
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WorkFusion CEO Adam Famularo says, “In 2022, we made a hard pivot to restructure the company around our AI Agents for financial crime compliance. We were one of the first technology companies to focus on creating AI Agents that did a specific job role within a vertical industry. Today our pre-built AI Agents are saving customers about 40,000 hours a day of manual work. The type of work that humans are incapable of doing tirelessly, at scale, and with extremely high quality. And this is still just the beginning. We are now positioned for considerable growth as the market is ready for widespread adoption. We appreciate the continued confidence and support of our existing investor base and welcome our new investors.”
“Agentic AI represents an evolution beyond generative AI with capabilities to autonomously plan, reason about and execute complex tasks with minimal human intervention,” comments Justin LaFayette, Co-Founder at Georgian. “Financial crime compliance is well-suited to agentic AI, where AI agents can complete much of the work needed to protect financial institutions. With over 85%* of financial institutions currently deploying or planning to deploy agents in 2025, we think that WorkFusion is well positioned to capitalize on the move to agentic AI and we’re proud to support them in that journey.”
“Innovative approaches that blend AI and automation like those developed by WorkFusion are critical to strengthening our financial system defenses, offering a more efficient way to manage complexity and scale AML and KYC operations” said Jody LaNasa, Managing Partner and Chief Investment Officer of Serengeti Asset Management and co-Chief Executive Officer of Rochefort.
“As the demands on compliance teams continue to grow, it’s clear that traditional methods need to evolve and we’re excited to support the WorkFusion team as they continue to empower organizations with technology that makes a real difference,” added Ray Yousefian, Senior Managing Director at Serengeti.
Source: PRNewswire