Nasdaq buys stake in crime investigation automation company

Nasdaq’s investment arm, Nasdaq Ventures, has taken a minority stake in the UK-based financial crime investigation automation company, Caspian.

Although the terms of the investment were not disclosed, Caspian will use the funding to accelerate its product expansion and scale its platform, AML Investigator. In addition, Nasdaq’s Market Technology business has forged a partnership with Caspian to support the growth of the business.

“Investing in technology disruptors like Caspian is one of the core objectives for our venture efforts,” said Gary Offner, Head of Nasdaq Ventures. “One feature that is critical to the health and integrity of the financial industry is detecting, mitigating and managing fraudulent and criminal behaviour. Caspian has been at the forefront of this process. We believe their offering greatly improves the regtech ecosystem for banks and regulators, and ultimately the consumer.”

“Through the investment and partnership with Nasdaq we are excited to expand our offering at a global scale,” said Chris Brannigan, CEO of Caspian. “Our machine learning technology is validated through production use at global financial institutions, making risk decisions that are fully explainable and regulator friendly.”