Hummingbird

Description

• The regulatory status quo in the financial services industry is not sustainable. Banks have paid multi-billion dollar fines for compliance failures that they were ill equipped to detect or prevent. Even so, these fines are insignificant compared to the amount spent on efforts to avoid these problems. Annual costs associated with regulatory compliance are estimated to be well over $100 billion in the United States. The Wall Street Journal reports that financial regulations issued in just the past five years have cost $70.2 billion. Each of the top ten banks spends hundreds of millions of dollars on anti-money laundering compliance alone. The industry has been forced to address the continual growth in regulations through additional headcount and external consultants rather than innovative solutions due to the burden of maintaining legacy systems with components that are decades out of date. This situation can be addressed by leveraging cutting edge technologies which offer an opportunity to tackle previously intractable problems. Our co-founders are uniquely positioned to bring next generation solutions to bear on this problem. During Matts time as a regulator and later while building the compliance team at an international consumer payments startup, he saw that the constraints faced by startups in the financial industry can catalyze solutions that are simultaneously more effective and more efficient than legacy approaches. A small team of dedicated engineers developing tech-based tools can dramatically reduce the time needed for tasks that have previously been handled manually by teams of hundreds or thousands of investigators. Widely regarded as one of the preeminent figures in the financial regulatory world, Jo Ann is a former Deputy Comptroller of the Currency at the Treasury Department, partner at KPMG, and founder of a leading consulting firm. She is now a Senior Fellow at the Harvard University Kennedy Schools Center for Business and Government, where she is writing a book on financial innovation and regulation.
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  Headquarters:345 California Street Suite 600, San Francisco, California, United States

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  Phone Number: +1 212-353-7500

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  Website: https://www.hummingbird.co

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  Employees:64

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  Revenue:$10 - 50M

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  Legal Name:Hummingbird

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• |  NAICS Code: 522110  |

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