This investment follows their original €2.5m round by little over a year, according to Financial IT. Leading the most recent fundraising campaign was Seaya Ventures, with support from longtime backers Serena and Hexa.

Dotfile is a compliance one-stop shop tool that uses artificial intelligence (AI) to guarantee compliance with anti-money laundering standards and expedite the onboarding of new customers. The firm is at the forefront of "Know-your-Business" (KYB), a process that quickly verifies enterprises throughout the world by integrating different data sources.

The technology of the company fills a huge gap in the compliance sector, where companies spend more than $200 billion a year globally. A startling 2% of the world's GDP is still laundered each year in spite of these efforts, highlighting the urgent need for better regulatory solutions.

Dotfile intends to expand its global presence and step up research and development with the additional funding. The firm recently opened an office in London as part of its expansion, and it now wants to build a foothold in other significant financial hubs.

More than 50 clients in ten countries, including well-known brands like Spendesk, Younited Credit, Flowdesk, and Keyrock, have already shown interest in Dotfile. The platform's wide range of applications and the increasing need for effective, AI-enhanced compliance solutions are highlighted by this varied clientele.

"Although more than $200 billion is spent annually on compliance, the money-laundering rinse cycle still accounts for 2% of global GDP, which feeds crime. Vasco Alexandre, CEO of Dotfile, stated that artificial intelligence (AI) has the potential to significantly improve society by altering the effectiveness of such policies.

Previous to this successful capital offering, Dotfile had raised €2.5 million in its initial investment round.