Marble raises €6.5M Series A to automate fraud and AML compliance

Marble has raised a €6.5M Series A led by Belgian investor Smartfin to automate fraud and anti-money laundering compliance, with the Paris company’s open-source platform now running in production at more than 100 institutions across 25+ countries.

Compliance is where fintech ambition goes to slow down – and it is quietly becoming a category Europe is good at. Below, I lay out the round, what Marble actually built, and why the least glamorous corner of financial software keeps raising in Paris.

Smartfin leads, the early backers double down

Marble announced its €6.5M Series A on 29 September 2026. Smartfin, the Brussels-based B2B tech investor, leads the round; ADNEXUS joins as a new investor; and the company’s earlier backers – Passion Capital, 42Capital, Hexa and TSIC – follow on. The raise takes Marble‘s total funding to €9M since 2021 (company announcement, 29 Sep 2026).

The money has a stated destination: pushing AI deeper into compliance workflows. Marble points at AI-powered rule generation, alert triage, agentic case investigation and faster on-premises installations – the unglamorous plumbing that decides whether a compliance team adopts a tool or quietly works around it.

Smartfin’s Saumitra Dubey frames the bet as Marble becoming “the structurally differentiated, modern financial crime operating system for mid-market banks and fintechs”.

Open-source FRAML from two Shine alumni

Marble was founded in 2021 by Arnaud Schwartz (CEO, previously COO of French fintech Shine) and Pascal Delange (CTO, previously Shine’s director of engineering). The team counts around 20 people (company LinkedIn, Sep 2026).

The product covers what the industry now calls FRAML – fraud and AML handled as one workflow: transaction monitoring rules a compliance officer can build without engineering, sanctions and watchlist screening, case investigation, customer risk scoring, and A/B testing of rules before they go live. It ships as SaaS or on-premises, and its core is open source – a rare choice in financial crime software, where auditability is usually a sales promise rather than a repository anyone can read.

The company’s own figures, from the announcement: more than 3 billion transactions monitored a year, 100+ banks, fintechs and crypto exchanges in production across 25+ countries, roughly 70% of customers outside France, 70% adopting Marble as a replacement for an incumbent system, and manual review work cut by 90%. It is targeting more than €5M in annual recurring revenue by 2027. “Compliance teams shouldn’t have to choose between staying compliant and moving fast,” said Schwartz in the announcement.

A $4.13bn market compounding at 17.8%

The global anti-money laundering software market is worth $4.13bn in 2025 and projected to reach $9.38bn by 2030, a 17.8% CAGR (MarketsandMarkets, May 2025). For a Series A company, a market compounding at that pace means the tide does part of the work: the segment more than doubles before this round’s runway ends.

The round also lands in a remarkably busy stretch for European compliance software in our fundraising data. Complaion raised €13.5M to automate SME compliance on 28 September, and Noxtua closed a €100M+ Series C with C.H.BECK taking a majority two days before that. Three compliance rounds inside one week is not a coincidence; it is a pattern.

Regulation is turning compliance into Europe’s home game

So why does the dullest software category in fintech keep raising? Because Europe has handled financial crime the expensive way – hiring. The industry standard is a queue of alerts, most of them false positives, worked through by ever-larger review teams. Legacy vendors sold rules engines only the vendor could change; the backlog grew anyway.

The good news is that the same regulatory wave making this painful also makes it fundable. The EU’s new AML package hands direct supervision of high-risk institutions to AMLA, the bloc’s new authority in Frankfurt, from 2028 – and every mid-market bank and fintech below that threshold still answers to national supervisors tightening in step. An open-source core is a pointed answer to a specifically European question: trust you can actually read.

What we are watching: whether agentic compliance survives contact with supervisors who still want a human signature on suspicious activity reports; whether the Belgian-French capital axis – Smartfin into Paris, after years of the traffic flowing the other way – keeps deepening; and whether Marble’s 70% replacement rate holds as it moves upmarket from fintechs to banks.

Europe will not out-hire financial crime – wages are not a moat. It can out-tool it, and the tooling is increasingly built here. Watch the FRAML category: it is compounding faster than the fraud it chases.