Bits Secures 12 Million Euros to Automate KYB and AML Across Europe

Dutch fintech Bits has secured 12 million euros to automate know-your-business, anti-money laundering and customer onboarding processes across Europe. The company's platform uses AI to streamline the complex compliance workflows that financial institutions must follow.

Bits addresses the growing compliance burden faced by banks and fintechs, where manual KYB and AML processes are slow, expensive and error-prone. The company's automated approach significantly reduces the time and cost of business customer verification.

The funding comes as European regulators prepare new AML legislation that will require financial institutions to upgrade their compliance capabilities, creating strong demand for automated solutions like those offered by Bits.