Cable\u2019s financial crime controls assurance dashboard. Image Credits:<\/strong> Cable<\/p>\n<\/div>\n

This makes Cable\u2019s platform, which provides automated assurance and risk assessment, complementary to many of the financial crime vendors. It enables banks and fintechs to monitor all of their accounts \u2014 not just a fraction as before \u2014 to know, in real time, if they are compliant with regulations and if their failure controls are working as expected to combat breaches.<\/p>\n

Cable also gives banking-as-a-service organizations oversight on the fintech partners they work with \u2014 remember, most fintechs don\u2019t have banking licenses and therefore work with banks to offer financial services.<\/p>\n

In the past year, the company increased its revenue five times, and since 2021, attracted customers, including Axiom Bank, Quaint Oak Bank and Griffin on the banking side, and fintech and crypto companies, including Tide and Ramp.<\/p>\n

\u201cFintechs have to work with banks to, in essence, borrow their license,\u201d Vernier said. \u201cThat\u2019s where we\u2019re finding real traction and one of the areas that the OCC (Office of the Comptroller of the Currency) is particularly focused on right now: banks that are lending their license to fintechs. They need to understand the effectiveness of the controls at those fintechs, and our product is perfectly suited for that use case.\u201d<\/p>\n

Today, Cable announced an $11 million Series A, led by Stage 2 Capital and Jump Capital, with participation from existing investor CRV. The new investment gives the company just over $16 million in total funding.<\/p>\n

The capital enables the company to hire across product, engineering, data and go-to-market teams and also accelerate its product development. Vernier said that the company has only built out 1% of the products and features on its two-year roadmap.<\/p>\n

Meanwhile, Vernier said as the banking industry moves forward, it will continue to add more ways for consumers to deal with their finances rather than just traditional banks. And with that will be more scrutiny from regulators for improved oversight, which is why she said it is the \u201cperfect time for Cable to raise more money and accelerate.\u201d<\/p>\n

\u201cRegulators are particularly interested in effectiveness testing, but also, just the volatility in the banking industry right now, with COVID and if we are in a recession or not, there is increased financial crime,\u201d Vernier said. \u201cWe\u2019ve certainly seen, globally, an increase in fraud and other types of financial crime over the last few years. And, as real-time payments get rolled out in the U.S., we\u2019ll see more financial crime.\u201d<\/p>\n<\/p><\/div>\n

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