Sanctions Screening Fintech GSS Raises £37m in First Funding as Former Fed Deputy Chair Joins Board

RegTech innovator Global Screening Services (GSS) today announced the completion of a successful seed funding round, having raised over $45m / c.£37m from major investors including AlixPartners, The Cynosure Group and MUFG. Randal Quarles, chairman and co-founder of The Cynosure Group, and former vice chairman of the Federal Reserve System and chairman of the Financial Stability Board, has joined the GSS board. William Langford, Global Head of Financial Crimes Compliance and Chief Compliance Officer for the Americas at MUFG, will serve as an observer to the GSS Board.

Over the past two years, GSS has partnered with leading financial institutions around the world to create a new collaborative approach to compliance, initially focusing on sanctions screening. In October, SWIFT announced a formal partnership with GSS, providing their expertise in security and privacy, along with sanctions-specific support for RFIs and assurance.

Incubated by AlixPartners since 2021, GSS is now an independent company with over 140 people supporting the business full-time. The GSS platform establishes new standards, leverages cutting-edge technology, including artificial intelligence, and an ecosystem of financial institutions and industry partners to provide streamlined sanctions compliance. In addition to improving standards, GSS will drive efficiency, speed up transactions and significantly reduce friction for the banks’ customers.

The end result will be significantly improved sanctions screening, helping to reduce the millions of international payments delayed by screening, while improving industry standards.

Ancoris Capital Partners (www.ancorispartners.com) acted as financial advisor to GSS for this financing.

Tom Scampion, CEO of GSS:

“Sanctions control is both an international security imperative and one of the most important sources of friction in the global payments system – at a time when consumers and businesses are increasingly demanding real-time settlement. GSS is uniquely positioned to deliver improved compliance and an enhanced customer experience. We are excited to have closed this funding round and to be working with such incredible partners to bring GSS to market.”

John Cusack, Chair of the GSS Development Board:

“The future of compliance will be partnerships and platforms, GSS is both. Working with banks, regulators and the industry as a whole, the GSS platform will improve standards, reduce costs and help deliver effective compliance worldwide.”

Randal Quarles, Chairman and Co-Founder of The Cynosure Group:

“Cynosure invests in fast-growing, founder- and management-owned businesses. In the world of screening, GSS is the right business at the right time, addressing a problem that is well understood but has, until now, been poorly addressed. We are excited to partner with Alix Partners and GSS management to be part of this solution.”