We at Nordic RegTech Association are excited to kick off a small recurring blog segment about the members of our vibrant space! Today we shine the spotlight on Pliance, a Stockholm-based anti-money laundering (AML) company set on a mission to help its customers combat financial crime. Didde Henrikson, a board member at the Nordic RegTech Association had a chat with Siam Choudhury, the founder and the CEO at Pliance about their journey so far.
Didde: Who is Pliance? Tell us your story!
Siam: We started Pliance in 2018 because we, coming from the fintech and AML industry, saw that there had been very little innovation in improving the processes that companies are required to follow in order to remain compliant with AML regulation. Tools relied on old technologies and manual steps, making these processes time consuming and inflexible. We wanted to change this and offer modern tools for modern companies.
Didde: How did you end up in the RegTech space?
Siam: The three founders of Pliance have backgrounds working in fintech and banking, as well as AML solutions. It was a short step for us to venture into the RegTech field with our own company and solution, solving problems we had encountered in our own work, as well as what we saw affecting other companies.
Didde: Did you participate in any accelerator programs?
Siam: Yes, we were a part of Synch Sandbox, Sting Accelerate and most recently the Bonfire Accelerator Program. The Synch Sandbox program helped us understand the nitty gritty of the regulatory field we’re working in and how our solutions fit into the ecosystem. Sting Accelerate helped us bring our product to market and the Bonfire program will help us prepare to scale the company. All three of the accelerators have helped with expanding our network of customers, partners and advisors, as well as helped us gain the skills necessary to build and bring our products to our customers.
Didde: Organic growth or external funding?
Siam: We have grown organically, and have been self-funded since start. Now we are in a growth phase and are preparing to take in our first financing round.
Didde: Could you share your plans for the future with us?
Siam: Our plans are to continue to move the industry towards better AML compliance processes and better ways to combat financial crime!
Didde: Any tips for aspiring RegTechs?
Siam: Credibility is extremely important in the RegTech field, put a lot of focus on the type of product you build and for the type of customers you build it for.