The company’s solution is already used by banks and FinTechs across Europe and the United Kingdom, according to a Tuesday (July 1) blog post.
It is designed to provide an alternative to the checklists, spreadsheets and consultants that financial institutions currently use to stay compliant, according to the post.
“Our AI agents continuously read regulations, flag gaps and keep your business audit-ready — transforming compliance from a box to tick into a growth advantage,” the post said.
The solution provides users with real-time updates about changing regulations; streamlines regulatory change management with automated tracking and updates; and identifies gaps in users’ existing policies, procedures and controls, according to Zango’s website.
Nexus Venture Partners, which led the funding round, said in a Tuesday post on X that Zango transforms financial compliance from a reactive, manual process to a “real-time, strategic advantage.”
“Their regulation-aware AI agents are set to redefine the compliance landscape,” the post said.
The rise of RegTech — technology focused on automating compliance — has been transformative for emerging industries like gaming, hemp-based wellness and online pharmacies, PYMNTS reported in April.
These tools allow businesses to remain nimble, adapt to shifting state laws and enable faster customer onboarding.
Small businesses can benefit when AI transforms compliance from a burdensome requirement into a strategic advantage, empowering them to meet regulatory standards without compromising on efficiency or cost in other areas, PYMNTS reported in November.
While AI cannot eliminate all compliance challenges, it is leveling the playing by providing small businesses with tools once reserved for larger corporations and enabling them to compete on new terms in a complex regulatory world.
When Norm Ai raised $27 million for its AI-powered regulatory compliance platform in June 2024, Norm Ai Founder and CEO John Nay said in a press release: “We are now at an inflection point in AI capabilities that, when properly harnessed, unlock massive improvements in regulatory compliance workflows across the economy.”
