What's new at Strise

Oslo, 2th of July - Anti-Money Laundering (AML) automation company Strise (www.strise.ai) today announces a substantial partnership with the Nordic financial group Storebrand (www.storebrand.no/en). Storebrand, founded in 1767, is joining forces with Strise - recently named in Fast Company’s 2024 Most Innovative Companies list - to strategically integrate AML automation solutions across its portfolio of about 55,000 business customers and 2,2 million retail customers in all business areas, including insurance, pension funds, banking, and asset management.

The partnership will enable Storebrand to enhance its AML processes with Strise’s integrated AML Automation Cloud. By addressing traditional AML challenges such as data management and workflow inefficiencies, Storebrand will reduce workload and improve efficiency, allowing analysts to focus on critical decision-making.

This milestone deal comes as Strise has shifted its strategy over the past 18 months, favouring more automation and exposing the data layer in its AML Automation Cloud through API solutions, which are continuously updated with comprehensive customer and regulatory data. Using an advanced graph model and AI, Strise’s AML Automation Cloud seamlessly consolidates and stitches together disparate data into a unified model, reducing the burden of managing extensive datasets while enhancing data accuracy, workflows and reliability.

‍Strise CEO and co-founder, Marit Rødevand, says: “Securing a deal with an international financial service provider like Storebrand represents a monumental achievement for Strise as we are working toward becoming the global leader in AML solutions. It is a testament to the incredible efforts of our team. Storebrand’s commitment to sustainable practices aligns perfectly with our company vision of eradicating financial crime through technology, and we are delighted to partner with such a storied institution.” ‍

Storebrands Group AML, Ine Solberg says: “Storebrand has an important role in the society with a broad set of financial services. Our business is based on trust from customers and other stakeholders. We are excited to partner with Strise, a step that will significantly enhance and automate our Anti-Money Laundering (AML) processes. We acknowledge the importance of these processes in streamlining our daily operations and staying at the forefront of adopting smart, cutting-edge technologies. Strise’s innovative approach and unwavering commitment to excellence resonate perfectly with our strategic objectives of combating economic crime. ”‍

In a report by PwC on EMEA AML, 38% of EMEA respondents highlighted AML compliance pressures as the largest challenge facing financial institutions. Within this same group, a third of respondents noted data management, quality, and automation of manual processes as the most significant practical challenges. As a result, half of the asset managers surveyed were looking to allocate more than 10% of their budget to digital tools, like Strise, by 2026.

Moreover, according to PwC, Nordic financial institutions are the most interested (94%) in implementing AI into AML operations. Within this context, Storebrand recognises Strise as a key emerging player in the AML compliance industry. Strise’s innovative, robust, and high-quality approach is fit for the future of compliance, with its tailored services and quick onboarding marking an added bonus for global financial institutions.

As a partner to 70% of the Nordic region’s top-tier banks and providing AML automation to Storebrand, Norway’s largest asset manager, Strise is on track to becoming the global leader in AML solutions. After announcing its Atomico-led $10.8mn Series A funding round in September 2023, Strise has grown to nearly 50 employees. The company has significantly expanded its data model, providing insights on over 1 billion international entities and 11 million private individuals. 

‍-ends-‍

‍Storebrand

Storebrand is a Nordic financial group, delivering increased security and financial wellness for people and companies. We offer sustainable solutions and encourage our customers to make good economic decisions for the future. Our purpose is clear: we create a brighter future. Storebrand has about 55,000 corporate customers, 2.2 million individual customers and manages NOK 1,281 billion. The Group is headquartered at Lysaker outside of Oslo, Norway. Storebrand (STB) is listed on Oslo Stock Exchange. Visit us on www.storebrand.no/en‍

‍Strise

Strise leads the AML automation revolution, transforming compliance teams into essential assets for organisations. Our commitment to automation, cutting-edge AI, and user-centred design drives this shift. At the core of our innovation is the AML Automation Cloud, powering comprehensive solutions for KYC and KYB, sanctions and politically exposed screening, ongoing due diligence, and automated onboarding of retail and corporate clients. Strise stands out in the AML landscape by offering a solution that addresses both the AML data and workflow problems for financial services in one solution.

By using Strise, AML and compliance teams are soaring to new heights, operating at super-speeds and becoming unprecedentedly efficient. With our approach, users have reported a significant 90% reduction in time spent on due diligence, from days to minutes, and a 30% reduction in cost. For more information: www.strise.ai‍

‍Media contact: Lars Lunde Birkeland, CMO, lars@strise.ai