San Francisco, CA-based Hummingbird, a leading provider of financial crime risk management solutions has acquired LogicLoop, a move that furthers its mission to become the core operating platform for risk and compliance teams.
Read also – Cercle Raises $6 Million in Seed Funding
LogicLoop is a pioneer in no-code data integration and automation, empowering financial institutions to do easily that which typically requires significant resources: unify, access, and act on their data.
Read also – Picus Security Raises $45 Million in Funding
Data fragmentation is a tricky – and persistent – problem for risk and compliance teams. Over many years, Hummingbird heard from organizations of all sizes, from early-stage fintechs to tier-one banks, about just how difficult this problem is to solve. And while the business cases and industries might vary, the frustration is always the same.
“We envision a future where financial institutions can connect any data source, instantly access the information using queries or AI, and route it through automated procedures and into investigations to seamlessly facilitate compliance work,” said Joe Robinson, Co-Founder and CEO of Hummingbird. “This acquisition brings that future into the present day, increasing the utility of an institution’s data and enabling better decision-making for financial crime fighters.”
“I founded LogicLoop to empower operations teams to do more with data – without relying on scarce technical resources,” said Jesika Haria, Co-Founder and CEO of LogicLoop. “By integrating LogicLoop into Hummingbird’s best-in-class compliance platform, more financial institutions will be able to harness the power of data, automation, and AI, gaining a competitive advantage in the fight against financial crime.”
In addition to our existing capabilities, Hummingbird will soon offer enhanced support for:
No-code integrations: Easily connect the internal and external data sources that your team relies on. No-code integrations mean you can access and put your data to work right away. No more having to wait for engineering resources to free up.
Flexible algorithms: Build, test, and deploy algorithms that power risk and compliance programs – on the fly and without needing deep technical expertise. Flexible querying and algorithms mean you get immediate access to the data you need, allowing you to stay on top of emergent trends and quickly adapt as situations evolve.
Data exploration: With all of your data aggregated in one system, in-depth and ad-hoc exploration of your data is now possible. Use data visualization tools to understand and uncover risk signals in customer profiles and activities. Flow data into all the places you need, using it to automate procedures, investigate specific typologies, and work cases.
With a unified operating system, risk and compliance teams will be able to manage their data, leverage automation and AI, and conduct investigations – all in a single place. Our combined solution enables new and deepens existing use cases, allowing investigators to quickly assess customer risk, react to suspicious trends and activity, and automate investigative procedures.
About Hummingbird
Founded in 2016, Hummingbird gives the people fighting financial crimes superpowers. Our service is designed to enhance anti-money laundering and counter-terrorist financing investigations. It reduces cumbersome paperwork, provides insightful analytics, and enables collaboration for compliance professionals and law enforcement agents.
About LogicLoop
LogicLoop empower operations teams to set up alerts and automations on top of company data without needing engineers. Save your scarce engineering resources and turn your operational bottlenecks into a competitive advantage. Here are some of the ways LogicLoop can make a big impact on your company’s key metrics: Fraud & risk teams use LogicLoop to monitor for suspicious activity on their platform, decreasing financial losses and minimizing damage of bad actors. Marketplace & ops-heavy companies use LogicLoop to alert on operational logistics, such as when orders are delayed or when warehouse conditions are not optimal. Customer success & growth teams use LogicLoop to automate customer communications based on product usage data: send your customers a weekly email with data on their usage of your platform. Engineers use LogicLoop to monitor API statuses, systems delays, and invalid data.
