Dotfile, a Paris-based RegTech company specializing in AI-driven compliance solutions, has raised €6 million in a new funding round led by Seaya Ventures, with participation from existing investors Serena and Hexa.
This latest investment comes over a year after Dotfile‘s initial €2.5 million funding round, bringing total investments to €8.5 million. The funds will accelerate the startup’s R&D and support its international expansion strategy, with a focus on major financial hubs following the recent opening of its London office.
Simplifying Compliance for Financial Institutions
Founded in 2021 by Vasco Alexandre and Titouan Benoit, Dotfile’s platform simplifies compliance processes for financial institutions by automating Know Your Business (KYB) and Know Your Customer (KYC) verifications. Dotfile uses AI to streamline the traditionally costly and time-consuming compliance tasks, allowing businesses to verify partners and customers in seconds while reducing fraud risk.
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Impacting Global Financial Systems
CEO Vasco Alexandre highlighted the growing importance of effective compliance, noting that despite $200 billion being invested in compliance annually, significant gaps remain. The french startup aims to leverage AI to make compliance more efficient and impactful in combating money laundering and financial crime. With over 50 clients in 10 countries, including fintech leaders like Spendesk, Younited Credit, and Flowdesk, the company is well-positioned to transform the compliance landscape.
Investors See Huge Potential in AI Compliance
Aristotelis Xenofontos, Partner at Seaya Ventures, emphasized the innovative approach, stating, “After evaluating numerous products in the KYB/KYC space, we found Dotfile to be the first truly innovative AI solution, with a deep understanding of the sector and stellar execution.”
