By PAUL O’DONOGHUE, Senior Correspondent
U.S. firm WorkFusion has raised $45 million to expand its use of AI (artificial intelligence) in financial crime compliance.
The company said it will use the funding to deliver AI agents. These will “streamline operational efficiency for anti-money laundering, sanctions, KYC and fraud compliance”, WorkFusion said.
Adam Famularo, WorkFusion’s CEO, said: “Today our pre-built AI Agents are saving customers about 40,000 hours a day of manual work.
“The type of work that humans are incapable of doing tirelessly, at scale, and with extremely high quality.
“And this is still just the beginning. We are now positioned for considerable growth. The market is ready for widespread adoption.”
The funding round was led by Toronto-based growth investor Georgian. New York-based Serengeti Asset Management and other investors also took part in the raise.
WorkFusion pivot
The New York-based company pivoted in 2022 from automation and document processing. Instead, it focuses on AI agents that handle the manual, document-heavy tasks common in compliance.
Its technology is now used at 10 of the world’s 20 largest banks, automating more than one million alerts each day. WorkFusion says the tools currently save the equivalent of 5,000 full-time employees daily.
The agents cover functions such as sanctions screening, Know Your Customer (KYC) checks, adverse media monitoring, transaction investigations, enhanced due diligence and fraud alert review. According to the firm, these systems can scale compliance capacity by three to five times.
Georgian co-founder Justin LaFayette said more than 85% of financial institutions plan to deploy AI agents in 2025. Serengeti CIO Jody LaNasa said approaches like WorkFusion’s are “critical to strengthening our financial system defenses.”
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