Condukt, a next-generation compliance platform for financial services, has raised US$10 million in funding led by Lightspeed Venture Partners and MMC Ventures, with additional backing from Cocoa Ventures. The round marks the company’s public debut after operating in stealth since its launch in May 2023.
The startup is targeting a systemic overhaul of know-your-business (KYB) processes as regulatory scrutiny intensifies and AI opens the door to continuous, automated checks. Condukt’s platform introduces a proprietary real-time data layer that continuously synchronizes with clients’ operations, enabling perpetual oversight rather than infrequent, static reviews.
Its agentic AI solution automates manual workflows, updates outdated datasets, and monitors business-state changes in real time, reducing operational burden and helping financial institutions keep pace with complex compliance requirements.
The market context is shifting fast
A Forrester report estimates that companies spend $206 billion annually on financial crime compliance (FCC), with 98% of institutions reporting higher costs year over year. Labor remains the biggest cost driver. Meanwhile, 2025 has set records for AML enforcement, with more than $6 billion in global fines issued by mid-year.
Condukt was founded by fintech veterans Paulo Guichard and Bhasker Rao, who previously met at Revolut Business and have held senior roles at SumUp and Square (now Block). The company is headquartered between London and Porto, with a technical team drawn from Revolut and Meta.
The fresh capital will be used to expand partnerships with major financial institutions, accelerate the company’s go-to-market strategy, and hire additional engineering talent as demand grows for automated KYB and continuous compliance infrastructure.
