First AML

The firm targets a diverse client base that includes financial service providers, law firms, accounting firms, and real estate agencies. Its business model is centered on providing an end-to-end due diligence platform that automates and manages customer onboarding and identity verification. Revenue is generated through tiered subscription plans—Launch, Optimise, and Transform—which are scalable based on the client's size and complexity of needs. The company's initial approach was manual, allowing the founders to understand complex edge cases before automating and scaling the solution through technology.

First AML's core product, the Source platform, is an all-in-one, self-service solution for Know Your Customer (KYC) and Know Your Business (KYB) requirements. The platform integrates global data sources, risk assessment tools, case management, biometric verifications, and workflow management into a single interface. Key features include tools to visualize complex company ownership structures, automated Customer Due Diligence (CDD), and real-time monitoring. A central repository stores verification data, which allows for simple retrieval when an entity that has been previously checked needs to be verified again, creating a network effect as the customer base grows. In April 2025, First AML enhanced its KYB capabilities by partnering with Know Your Customer, integrating real-time access to company registry data from over 140 jurisdictions.

Significant milestones include securing initial seed capital in September 2018, followed by a Series A funding round of $7.3 million in September 2020. A pivotal moment occurred in June 2019 when a major client's ultimatum spurred the creation of the first version of the platform. In November 2021, the company raised $21.5 million (NZ$30 million) in a Series B round led by Blackbird Ventures and Headline, fueling global expansion into Australia (2021) and the United Kingdom (2022). By November 2022, First AML had received multiple awards, including from RegTech Australia and the New Zealand Hi-Tech Awards.