![]() ![]() Michael Sidgmore, co-founder and partner of seed round lead investor Broadhaven Ventures, described the team as “visionaries in the freight forwarding industry who see the ability to build the operating system for the shipping industry, much like Carta has done for equity ownership.” To familiarize himself with the market for which he’d be developing a technology, Casal worked with a freight forwarder in Kansas City that had been operating for more than 30 years. He and Casal linked up and the two began plotting a way to make the deeply inefficient industry more modern and transparent. The two co-founders of Nowports met at a program at Stanford University, with de los Rios hailing from a family with deep ties to the shipping industry. “Customers are looking for solutions that can improve their logistics processes adapted to current challenges of international trade.” “Slow, inefficient and manual processes in international logistics are disassociated from today’s technological world,” said Nowports co-founder and COO Maximiliano Casal. And, Nowports pledges to shippers that its digital management software will keep track of each container. And, an estimated 50% of shipping containers suffer delays due to disorganized processes or errors during transport, which ends up costing companies billions per year. Tens of millions of containers are imported and exported from Latin America each year, and nearly half of them are either delayed or lost due to mismanagement. “Our goal with the series A is to position ourselves as the biggest digital freight forwarder in the region and expand our venture financing solution.” “With platforms, algorithms with AI and integrations, our platform allows companies to take control of their shipments and plan and predict the best timing to move the freight based on the needs of their own company,” he said at the time of the company’s seed raise. 9, said there have been 198 fines against financial institutions for AML, KYC, data privacy, and MiFID deficiencies, representing a 141% increase since 2019.Image Credits: CEO and co-founder Alfonso de los Rios / Nowports The report, spanning up to its release date of Dec. According to Compliance Week (citing analysis by Fenergo), f inancial institutions were hit with an estimated $10.4 billion in global fines and penalties related to anti-money laundering (AML), know your customer (KYC), data privacy, and MiFID (Markets in Financial Instruments Directive) regulations in 2020, bringing the total to $46.4 billion for those types of breaches since 2008. The space is a hot one with a number of other fraud-prevention companies raising capital in recent months, including Sift, Seon and Feedzai. ![]() Tiger Global Partner John Curtius said Unit21 is transforming organizations’ ability to “ analyze data to its advantage for risk management and compliance.” It’s also eyeing expansion in the Asia-Pacific (APAC) and Europe/Middle East (EMEA) markets. The startup also plans to evolve its platform for generalized flag and review use cases beyond financial crimes and fraud. ![]() As of late June, Unit21 had 53 employees, up from 12 at the same time last year. The company will also use its new capital in part toward expanding its engineering, research and development and go-to-market teams. “This funding will support our mission to democratize data and make it more accessible to operations teams.” “Data is the most important weapon in the fight against fraud and money laundering,” Kothari said. The company declined to reveal hard revenue figures, saying only revenue grew by “12x” in 2020 compared to 2019. It also says that it has saved more than 20 million users over $100 million in fraud loss/suspicious activity. The company says it has monitored more than $100 billion in activity via its API and dashboard since its 2018 inception. Unit21 has built up an impressive customer base of over 50 enterprise clients, including Chime, Intuit, Coinbase, Gusto, Flywire, Wyre and Twitter, among others. ![]()
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