Dotfile, a French startup specializing in compliance solutions for financial institutions, announces a €6 million funding round led by Seaya Ventures. This investment comes 18 months after an initial raise of €2.5 million, bringing the company’s total funds raised to €8.5 million. Existing investors Serena and Hexa also participated in this new round.
An Automated Compliance Solution for Fintechs and Financial Institutions
Founded in 2021 within the startup studio Hexa (formerly eFounders), Dotfile quickly established itself in the RegTech space. Its all-in-one platform leverages artificial intelligence to automate counterpart verification processes, a crucial component for complying with anti-money laundering (AML) regulations. The solution excels particularly in the field of “Know-Your-Business” (KYB), enabling the profiling of any company worldwide in just ten seconds.
International Expansion on the Horizon
This new funding will primarily be used to bolster Dotfile’s research and development (R&D) efforts and to support its international expansion strategy. The company, which already has more than 50 clients across 10 countries, recently opened an office in London and plans to expand into other major financial centers in the coming months. The United Kingdom represents a strategic first step in Dotfile’s internationalization, as the demand for automated compliance solutions continues to grow.
“Compliance accounts for up to 10% of banks’ revenue, with 1 in 4 employees dedicated to these functions. Faced with growing competition from Fintechs, a transition is inevitable, and generative AI is the catalyst,” explains Vasco Alexandre, CEO of Dotfile.
