An Anti-Money Laundering Solutions Startup, IntelleWings Raises Funding $100K In Angel Round

• ByStartupStory     |    June 9, 2021

Intellewings, a Padup mentee company, raised a seed funding of $100000 for Intellewings’ eye, a product based on machine learning that helps the regulatory firms in compliance with anti-money laundering. IntelleWings’ EYE is an AML (anti-money laundering) 360 software, which keeps an eye on fulfilling all AML needs such as transaction monitoring, integrated and comprehensive case management solution, customer screening against global lists, and integrated PEP (politically exposed persons check/adverse media check).

The Panchkula-based startup for anti-money laundering received the investment from Friends of PadUp, Vinners (Value Investors Network), and SucSEED Indovation Fund. Pramod Sharma, a developer and architect founded IntelleWings in 2019. Moreover, previously He has established banking products for many banks in the US and the UK regions. The motive of the company is to reduce the corruption rate, improving India’s S&P/Moody rating, and making the world a safer place to live in. As 5% of global GDP is laundered and terrorist financing held which leads to terrorist activity, according to the startup.

Rajat Jain, Founder of PadUp said “IntelleWings is a perfect example of how technology can be leveraged to bring in disruption to solve real-life problems. It is good to see that all the hard work put in for the last several months has started to bear fruit.” 

PadUp Ventures is a knowledge and mentoring platform that helps in mentoring startups in different industry domains by using different technologies like Blockchain, AI, ML, etc. Furthermore, It has also created a group of affiliated investors who regularly invest in PadUp mentee companies, called  Friends of PadUp. The innovation of a machine, easing in identifying money laundering is the need of the hour, said Namrata Kaul, ex MD Deutsche Bank and has a great potential in the idea and the team. The innovation would be Vinners’ 16th investment. Vinners is a group of CXOs of India seeking investment and mentorship opportunities in dynamic, early-stage companies.

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