UK financial technology company Themis has acquired Pasabi, an Edinburgh-based fraud prevention platform, to integrate advanced Agentic AI capabilities into its digital financial crime solution and extend its services beyond anti-money laundering and terrorist financing.

Pasabi was established in 2017 by CEO Chris Downie and CTO Martin Spinks. The company offers a fraud prevention platform that automates the detection of various fraud risks for financial services and insurance firms. Its technology utilizes behavioural analytics, AI fraud agents, and clustering to identify issues such as fake accounts, counterfeit reviews, spam, and scams. Pasabi has received backing from the consultancy and venture capital firm VeUP since June 2023. As part of the acquisition, Chris Downie has assumed the role of Chief Product Officer at Themis, while Martin Spinks has become Head of AI and Data.

Themis stated that the acquisition significantly accelerates its product roadmap, confirming that the integration of Pasabi’s platform has already been completed. This technological addition will enable Themis to broaden its offerings beyond anti-money laundering (AML) and combating the financing of terrorism (CFT) to encompass wider fraud detection, social media monitoring, and comprehensive transaction monitoring.

The acquisition was supported by Quadri Ventures, a venture capital fund operating in partnership with VeUP. Themis’s other investors include TTV Capital, Felicis, and Walkabout Ventures. The company previously raised £3.1 million in a pre-Series A funding round in January 2023, achieving a valuation of £15.4 million.