SucSEED Indovation Fund backs RegTech platform IntelleWings again!!
IntelleWings, a regtech based platform for Anti-money laundering solutions with a clear, concise, and fresh perspective. Determined to introduce game-changing solutions and products. IntelleWings, has secured an undisclosed amount from Hyderabad headquartered SucSEED Indovation Fund, Dallas Venture Capital, Padup Ventures and Vinners.
With the seed round, IntelleWings enables opportunity in business development and hiring required senior staff.
IntelleWings provides a comprehensive AML/CFT(Anti-Money Laundering and Combatting of financing of terrorism business) solutions to BFSI. Customer centricity, cutting-edge technologies such as Algorithmic filtering & Machine Learning, and a deep understanding of business dynamics sets Intellewings apart from the competition. A dedicated business research division ensures that IntelleWings solutions are constantly upgraded to stay ahead of the curve.
SucSEED backed IntelleWings in 2021, when it was a pre-revenue company. Since we have invested, they onboarded One of the largest private banks in India as a client. IntelleWings is emerging as a significant player in the RegTech (Regulatory Tech) market and counts among its customers one of the largest private sector banks in India along with 10 other DNFBPs (Designated Non-Financial Business and Professions) clients in the Middle East. Besides it turned into a post revenue company.
Unlike other AML Providers, IntelleWings has its own proprietary AML/CFT Global database for customer screening(Intellewings’s key differentiator). Also, IntelleWings product Eye provides a simplified view for complex transactions and helps in determining the outliers in the transactions easily, which speeds up the detection of money laundering patterns.
Founded by Pramod Sharma, who has worked as Sr. Architect with IT companies and provided tech solutions to many banks- BOFA, ABN Amro, City, IPSL. He could see the gaps in the current AML/CFT space and that made him start this journey. IntelleWings’ innovative and comprehensive approach to AML/CFT compliance was recognized by the International Compliance Association (ICA), and Pramod, its founder and CEO, was nominated for Innovator of the year 2021 for disrupting the Compliance space.
Pramod Sharma, the Founder and CEO of Intellewings said, “Corruption and terrorism can be combated by leveraging technology with focus and depth. IntelleWings is harnessing the power of AI to provide game-changing AML/CFT solutions.”
He further added that “The product is built on deep domain and technology expertise and the capital raised in this round will help us in business development, hiring senior leadership and expansion into new markets including the US”.
Speaking on investing in Intellewings, Vikrant Varshney, Co-Founder & Managing Partner of SucSEED Indovation Fund said, “Global anti-money laundering software market revenue is expected to register a CAGR of 15% over the forecast period, and AML software revenues are projected to increase from $1.6 billion in 2021 to $5.7 billion in 2030.”
He further added, “SucSEED Indovation has a dedicated Security and RegTech focus to discover and support early stage disruptive indovations to bring them to the market and we are glad that IntelleWings have got a great response.”
Shyam Penumaka, Partner at Dallas Venture Capital said, “Banking and financial institutions globally have come under increased government scrutiny to prevent money laundering by deploying AML solutions. Over $342 billion in fines have been imposed globally for non-compliance between 2009 to 2017 as per Reuters. There is enormous market potential for IntelleWings, and DVC is excited to partner with IntelleWings in their growth journey with our DVC Advantage program.”
Pankaj Thakar, Founder and Chief Mentor of PadUp Ventures said, “We were able to identify the potential of IntelleWings on leveraging technology in solving a real-life problem. The team’s progress and success has been a huge encouragement for us, and we remain committed to supporting them in their journey. We believe that they will be able to achieve great heights in no time and this round will just add fuel to their cause.”
Namrata Kaul, former MD of Deutsche Bank, Corporate Banking, led this round from Vinners said “Being from the industry, I know for sure the importance of Pramod’s work. This is the need of the hour and there is a great potential in the idea and the team. We have been with him for the last two years and this would be our second round of investment. We have seen the team progress and it only makes sense for us to participate in this round also.”