RiskScout, an Austin-based provider of BSA/AML compliance and fraud prevention software for banks and credit unions, has closed a new funding round led by LiveOak Ventures. The company did not disclose the amount raised. Castle Creek Launchpad, the Bankers Helping Bankers Fund, Alloy Labs, Brue2 and C3 Ventures also participated.
The company plans to use the capital to expand its team, develop its intelligent automation and AI-driven agents, deepen integrations with core banking providers and other partners, and make its platform available to more banks and credit unions.
RiskScout combines Bank Secrecy Act and anti-money laundering compliance workflows with fraud prevention capabilities in a single platform for financial institutions. Its technology supports processes including alert investigation, customer risk profiling, enhanced due diligence, and preparation of Suspicious Activity Reports and Currency Transaction Reports.
The company is led by co-founder and CEO Justin Fischer and co-founder and CTO Josh Keys.
RiskScout said its revenue more than tripled during the past year, while the number of banks and credit unions using its platform increased by more than 250%. The company said the institutions it serves range from community financial institutions with less than $100 million in assets to organizations managing more than $10 billion.
In 2023, RiskScout closed a seed round in which Castle Creek Launchpad joined Alloy Labs, ATX Venture Partners and the Bankers Helping Bankers Fund.
