What Armalytix does

Armalytix is a UK-based fintech founded in 2019 that provides Source of Funds verification, anti-money laundering (AML) compliance, KYC identity verification, bank statement scanning, and account verification services primarily to law firms, accountancy practices, and insolvency practitioners. The company operates an FCA-regulated Account Information Service Provider (AISP) platform that connects directly to UK banks via Open Banking APIs, supplemented by computer-vision-based bank statement scanning and NFC identity verification. Its product portfolio is modular — clients can purchase individual checks (Source of Funds, Identity Service, Statement Scanning, Account Verification, Risk Insights Report) or bundle them via "Complete Compliance Bundles" tailored to property transaction roles (buyer, seller, giftor).

The underlying technology stack combines direct bank API connections, proprietary statement parsing, and configurable risk-scoring frameworks (e.g., Risk Insights Report v2 with firm-specific weightings). Reported technical performance metrics include a 93% open banking connection rate (claimed as 3x the nearest competitor), over 90% NFC identity verification pass rates, and statement scanning accuracy described as 5x off-the-shelf alternatives. The firm claims its checks are used in approximately 1 in 8 residential property transactions in England and Wales, and its Risk Insights Report underpins the National Property Transaction Network pilot which delivered a 35% reduction in completion times and a 43% drop in fall-throughs.

Armalytix monetises through a hybrid model combining subscription-based platform access with usage-based per-check pricing, distributed via direct enterprise sales, an API/embedded channel, and a partner ecosystem that includes ProConvey, First AML, inCase, Redbrick Solutions, SmartSearch, and case management integrators. The company maintains offices in London and Chester, employs 11–50 staff, and has raised approximately £2.17 million across two angel rounds (August 2021: £1.25M; September 2022: ~£920K). Strategic customers include Lloyds Banking Group, LMS, Connells Group, and multiple mid-market conveyancing and accountancy firms.

Name

Armalytix

Legal name

Armalytix Ltd

Website

https://armalytix.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Armalytix is a UK FCA-regulated fintech that provides Source of Funds verification, AML compliance, KYC, and bank statement analysis via Open Banking for law firms, accountancy practices, insolvency practitioners, and property sector participants.

Ownership category

akta.pro rank

Product category

RegTech Compliance Software

SIC

Finance Services (6199)

akta.pro primary industry

AML/CTF Transaction Monitoring & Case Management (FSAGAFAC)

akta.pro secondary industry

Underwriting Automation & Income/Employment Verification (FSAGAHAD)

Keywords

• AML compliance software
• Source of funds verification
• Open banking platform
• KYC identity verification
• Financial investigation tools

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Compliance Verification Services: Subscription-based access to compliance verification services including Source of Funds, Identity Verification, Account Verification, and Statement Scanning. Professional firms pay for platform access with modular components.
2. Usage-Based Verification Checks: Transaction-based pricing for individual compliance checks performed. Firms pay per report or verification based on usage volume.
3. Compliance Bundles: Bundled packages combining multiple verification types (ID, Source of Funds, AML, fraud, affordability) into single structured journeys. Revenue generated from bundled service delivery.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Armalytix is an FCA-regulated Account Information Service Provider that delivers open banking-powered AML compliance and Source of Funds verification tools for professional services firms. Its modular platform collects client financial data via Open Banking, statement scanning, and questionnaires, then analyses it for KYC, AML, affordability, and risk assessment workflows used by law firms, accountancy practices, lenders, and estate agents.

Product overview

Armalytix offers a modular platform of precision client intelligence tools for AML compliance, financial investigation, and affordability assessment. The core portfolio consists of the Source of Funds solution (market leader), Identity Service (KYC/ID verification), Statement Scanning (document capture), Account Verification (fraud prevention), and Risk Insights Report (configurable risk scoring). These are available individually or combined through Complete Compliance Bundles for the property sector. Services target professional firms in law and accountancy sectors requiring FCA-regulated compliance tools.

Differentiator

Problem solved

Functional benefit

Products and services

• Armalytix Identity Service KYC and ID verification product providing NFC-compliant electronic identity checks, PEPs and sanctions screening, adverse media monitoring, address verification, and ongoing monitoring for professional services firms requiring FCA, LSAG, HMRC, and Safe Harbour compliance.
• Armalytix Source of Funds Source of Funds verification solution enabling professional firms to collect client bank data via open banking, secure upload, or scanned statements, with automated analysis, flexible questionnaires, fact finds, and dedicated giftor journeys.
• Armalytix Statement Scanning Bank statement and document scanning solution that captures, analyses, and intelligently understands uploaded bank statements and PDF documents for downstream compliance and investigation workflows.
• Armalytix Account Verification Bank account verification service confirming account legitimacy, name/number/sort-code consistency, balance activity, and 12-month account age, with remittance controls to ensure funds go only to verified accounts.
• Complete Compliance Bundles Configurable bundled compliance product combining digital ID, Source of Funds, AML, fraud, and affordability checks into a single structured journey tailored to the role of buyer, seller, or giftor in a property transaction.
• Risk Insights Report Configurable AML risk assessment report providing firm-specific risk parameters, normalised percentage scores, contextual risk summaries, and escalation guidance flagging risky clients and contradictions warranting further investigation.

Quantifiable outcome

• Manual analysis reduced from hours to minutes; SoF checks from weeks to as little as one day
• +6 more outcomes

Named customers20 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability7 records

Feature7 records

Partnerships

Twelve partnerships are on record, tiered core, flagship and minor.

• ProConveycoreTechnology or Integration · 4 June 2026All-in-one conveyancing platform partnered with Armalytix to embed Source of Funds and Identity Service within its integrated workflow. Removes fragmented onboarding and manual SoF checks for conveyancers using ProConvey.
• Lloyds Banking GroupflagshipStrategic or Co-development Partner · 22 April 2026Armalytix serves as trusted Source of Funds provider for fully digital home buying service launched by Lloyds Banking Group, LMS, and Connells Group. Partnership enables completion of financial checks earlier and sharing across transactions.
• LMSflagshipStrategic or Co-development Partner · 22 April 2026Property transaction network operator partnered with Lloyds and Connells Group on digital homebuying service. Armalytix is trusted Source of Funds provider for this initiative.
• Connells GroupflagshipStrategic or Co-development Partner · 22 April 2026Property services group partnered with Lloyds Banking Group and LMS on fully digital home buying service. Armalytix provides Source of Funds verification for the service.
• SmartSearchcoreStrategic or Co-development Partner · 29 October 2025Leeds-based AML and compliance solutions provider partnered with Armalytix to launch Source of Funds compliance solution for UK residential property transactions. Automates verification processes using Open Banking technology to speed up and secure the property buying process.
• National Property Transaction Network (NPTN)coreStrategic or Co-development Partner · 22 September 2025Digital ecosystem created by LMS for UK property sector. 42 organisations committed support, 15 major lenders signed on. Network achieved 35% reduction in completion times and 43% drop in fall throughs during pilot.
• Birchall Blackburn LawcoreStrategic or Co-development Partner · 11 December 2024Highly respected conveyancing law firm partnered with Armalytix to streamline property transactions. Partnership delivered SoF verification from weeks to average 4 days with 65% returned within 48 hours.
• inCasecoreTechnology or Integration · 15 November 2024Award-winning mobile app for legal professionals. Armalytix check embedded within law firm branded apps. inCase replaced existing SoF feature with Armalytix. Used by 3,300+ legal professionals and 230,000+ clients.
• First AMLcoreTechnology or Integration · 29 May 2024Anti-money laundering scaleup integrated Armalytix into its Source platform to provide conveyancers with Open Banking, intuitive questionnaires, fact finds, and risk insights. Partnership enhances First AML's SOF and Source of Wealth capabilities.
• Millar & BryceminorStrategic or Co-development Partner · 13 September 2023Land property search firm partnered with Armalytix for safe sharing of financial insights in Scottish property market.
• Rowlinsons SolicitorsminorStrategic or Co-development Partner · 11 September 2023Law firm partnered with Armalytix for anti-money laundering onboarding and compliance processes via inCase integration.
• Legal EyecoreStrategic or Co-development Partner · 6 June 2022Leading Risk and Compliance specialists partnered with Armalytix to create the most robust digital Source of Funds client questionnaire on the market. Legal Eye-endorsed questionnaire is market's most comprehensive.

Scale indicators14 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• SmartSearch: Leeds-based AML and compliance platform widely used by UK law firms and property professionals. Directly comparable as both firms compete for the same conveyancing and Source of Funds workflows, and have already announced a co-distribution partnership for UK residential property.
• First AML: New Zealand-origin AML scaleup focused on Source of Funds and Source of Wealth for conveyancers and legal professionals. Operates an overlapping Source platform that integrates Armalytix, competing head-to-head on UK property AML workflows.
• NorthRow: UK AML, KYC and onboarding platform serving regulated financial services and professional services firms. Comparable as a domestic competitor offering similar customer due diligence, ID verification, and ongoing monitoring capabilities.
• TruNarrative (Featurespace): UK-based financial crime and AML orchestration platform now part of Featurespace. Competes in the same RegTech slot for AML onboarding, KYC orchestration, and transaction monitoring within regulated firms.

Broad incumbents

• Onfido (Entrust): Global identity verification provider owned by Entrust, offering KYC/AML-relevant checks (NFC ID, biometric, PEPs/sanctions) at much greater scale. Comparable as an alternative identity layer for the same customer base, though without Armalytix's Open Banking-led Source of Funds focus.
• Jumio: Large global identity verification and AML/KYC provider serving regulated industries. Overlaps with Armalytix on ID verification and KYC checks for law and financial services customers, but addresses a much broader international market.
• ComplyAdvantage: Well-capitalised global RegTech offering AML transaction monitoring, KYC, and entity risk data. Competes indirectly with Armalytix for AML compliance budgets at UK regulated firms, but with a stronger data and enterprise footprint.
• GBG (IDology): Established identity and location verification vendor serving regulated industries globally. Comparable as an incumbent identity layer that competes for KYC/AML budgets, although it does not offer Armalytix's Open Banking Source of Funds workflows.

Emerging players

• Veriff: Identity verification platform providing biometric and document ID checks for regulated customers. Comparable on the KYC/identity component of Armalytix's offering, though without UK-specific property SoF depth.

Regional players

• Cifas: UK not-for-profit fraud prevention service providing identity and fraud-risk data to regulated firms. Adjacent to Armalytix's fraud and AML use cases, especially in conveyancing and accountancy, though not a direct product competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds5 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Armalytix