ING investing in AI-driven compliance08 November, 2019
ING’s ability to use technology to improve its approach to regulatory compliance was given a boost with the multi-million investment in US-based regulatory technology (regtech) company Ascent.
Using machine learning and natural language processing, Ascent helps companies to build, manage and automate regulatory compliance.
The investment, made via ING Ventures and part of a US$19.3 million Series B funding, was done in conjunction with various other companies and investors.
Ascent, founded in 2015 and headquartered in Chicago, plans to use the investment to fuel continued growth of its team, product and brand awareness.
Benoit Legrand, CEO of ING Ventures and chief innovation officer at ING, said ING was keen to support innovative and visionary firms, such as Ascent, which play an essential role in shaping the industry’s future. “As the regulatory environment becomes increasingly demanding, so is the pressure on firms to remain compliant.”
“To keep up with this ever-changing landscape and help relieve the mounting strain on resources, the financial services sector is continuously looking for more automated, intelligent and cost-effective ways to manage compliance,” Legrand said.
About ING Ventures
ING Ventures is a €300 million fund that invests in fintech companies around the world. In the period 2017-2021, it is building a portfolio of investments to help ING accelerate the pace of innovation. More info on: www.ing.com/ING Ventures