“We are very committed to building a presence in the Portuguese market, both in terms of clients and recruitment. We are in talks with three of the six largest banks in Portugal, following our success with Novobanco. We will hire legal and compliance professionals from Portugal who can help us train the AI ​​with local regulations,” Ritesh Singhania, co-founder of the startup, told ECO.

Established last year by Ritesh Singhani (previously with ClearGlass, a pensions compliance platform) and Shashank Agarwal (formerly of Third Watch, an AI-driven fraud detection startup acquired by Razorpay), the company now operates globally with offices in London, San Francisco, and Bangalore. Its regulatory compliance solution is already in use by neobanks like Monzo and Juni.

“We are focused on financial services, using AI Agents to automate manual compliance workflows, freeing up compliance teams to work on strategic projects,” Ritesh Singhania told ECO.

In Portugal, the company collaborates with Novobanco, but it aims to broaden its client base to include other sectors. “We’re in discussions with several major banks and insurance firms. One of our institutional investors, Start Ventures—which is backed by Fidelidade and Banco de Investimento—is also based in Portugal”, he notes.

Start Ventures is one of the participants in the seed round, led by Nexus Venture Partners, a venture capital firm with over 2.3 billion euros under management, which also included South Park Commons, Richard Davies, CEO of Allica Bank, Alan Morgan, former director of Financial Services at McKinsey (EMEA), Mark Ransford, Notion Capital and No Label Ventures.