Xapien’s 2024 wrap: New customers, markets and features

2024 has been a year of change and uncertainty. Geopolitical instability, new governments, and the growing influence of AI technology in shaping regulatory guidance defined the landscape. In today’s changing world, understanding who you’re doing business with is more important than ever. This marked a pivotal year for Xapien. We began by raising Series A funding to drive the next stage of our growth and bring dynamic due diligence to new markets, all while expanding our suite of product features. These key milestones defined our year.

Distilled our nine Core Principles and celebrated them

We defined the secret sauce behind our team’s success – the way we do things when we’re at our best turned it into nine Core Principles. These principles have been central to our hiring strategy and enabled us to challenge each other respectfully and with a common language to achieve our ambitious goals. We interviewed the team to hear in their words what the values meant to them and put it on our website to show the world how we keep true to them. We also celebrated them with weekly shoutouts and an end-of-year award ceremony, where team members received awards for living out our core principles.

Grew the Xapien team by 73%

Following our Series A funding, we set ambitious goals to expand into new markets, double our revenue and introduce a suite of new product features. To support these objectives, we grew the Xapien team by 73%, with key hires across the business. We welcomed new faces to the leadership team: Sanjay Samuel as Chief Revenue Officer, Ben Faulkner as Head of Finance, Zachary Rothstein as Head of Growth and Partnerships, and Robert Mitchell as Strategic Business Director.

Expanded our global presence

With a growing team, we significantly expanded our global client base by entering nine new markets across multiple regions. In Europe, we’ve expanded into Norway and Sweden, building on our presence in Ireland, Germany, and Luxembourg. Our entry into the Middle East began with the UAE, while Morocco marked our first step into North Africa. We also broke into Southeast Asia with Singapore and extended our reach across the globe to Australia, New Zealand and South Africa. We now have clients across 5 continents.

Passed our 100th customer and doubled our revenue

New markets bring new customers, and we kicked off the year by signing our hundredth customer. Our client base now includes Magic Circle, Silver Circle, and AmLaw 100 law firms, as well as top firms in risk consulting and private wealth, and some household name large corporations. In the philanthropic sector, we achieved remarkable growth, increasing our client base by 300%. This expansion meant we achieved our audacious objective to double our revenue this year.

Launched two major partnerships

2024 was a major year for partnerships, as we signed partners across diverse industries, including enterprise data analytics, global risk consultancies, and multinational strategy and management consulting firms. However, a few key partnerships defined the year. First, our collaboration with Dow Jones Risk & Compliance opened new avenues for expansion into the corporate and financial services markets. Additionally, we secured a partnership with Cytora, a leading underwriting platform for commercial insurance. Most recently, we announced our partnership with Pinsent Masons, a multinational law firm, to launch the world’s first AI tool for AML compliance, catalysing our growth in the legal market.

Earned major news coverage

Our COO, Dan Secretan was interviewed by The Times following our Series A funding news and also spoke with Tech Funding News about what inspired him and his co-founders to start Xapien. Our Head of Marketing, Jess Denny was also featured in Tech Funding News, sharing her journey in technology and Xapien. We were also highlighted in the Robb Report as part of a new class of due diligence companies. Finally, our partnership with Pinsent Masons earned us coverage in Law.com and Law360, reaching millions in the legal industry.

Recognised and awarded by Chartis Research

We were honoured with several awards and recognitions in 2024. For the second year, we made the Chartis Research RiskTech100® 2025 and received the Financial Crime Data Management award. We were also named a Category Leader in its KYC Solutions RiskTech Quadrant® 2024. Chartis recognised us with the Financial Crime Investigation Support and Copilot Award and ranked us in the RiskTech AI 50 2024 report. Additionally, we ranked in Chartis’s Financial Crime and Compliance 50 2024 (FCC50) and won the Entity Management award. Other notable awards include the Best AI-Powered Due Diligence Tool at the SME News UK Finance Awards and the Most Trusted AI Compliance Solution at the SME News IT Award.

Introduced 34 new product releases

This has been a huge year for product innovation. Following our funding, we further developed our next-generation entity resolution engine to remain market leaders in AI-powered research and due diligence to enable more accurate and detailed reports for our customers. We also introduced new summarised reports powered by generative AI and anti-hallucination technology. But that’s just the beginning.

The new reports come with a range of exciting features, including adverse media timelines. The timeline generates clear, chronological summaries of news stories about your subject, with colour-coded flags to quickly highlight potential risks. This makes it even easier to screen clients and third parties for negative media coverage.

We’ve also added live research capabilities, giving you a uniquely dynamic due diligence solution. You can ask your own questions about the subject, and the answers will be seamlessly added to the report. Need ideas? We’ll suggest prompt questions, with plenty of options to inspire you.

Personalising reports is simpler than ever. You can create new summaries, add titles, and include your own questions alongside Xapien’s answers. Reordering summaries is easy too—move key information to the top for quicker access. This helps our customers cut through the noise and focus on the risks that matter most, creating a fully automated yet tailored report for their organisation.

Saved customers 107,179 hours of research time

To wrap up the year, our customers ran 33,415 reports, saving a total of 107,179 hours in research time. Thank you to everyone who chose and trusted Xapien for their due diligence needs. It’s been a pleasure working with you, and we look forward to saving you even more time in 2025.

Get ready for 2025

For many organisations, early 2025 is the year to prepare for stricter compliance, with the right systems and processes in place. Whether it’s the Corporate Sustainability Due Diligence Directive (CSDDD) requiring risk-based due diligence on third parties in the supply chain, UK Research and Innovation mandating thorough checks on potential research collaborators, or the Economic Transparency Act requiring firms to identify the beneficial owners of entities or assets, knowing exactly who you’re doing business with will be crucial. Why not book a demo with our team to see how Xapien can automate the most time-consuming parts of these processes, enhancing your risk management capabilities and operational efficiency?

For now, enjoy a well-deserved break and we’ll see you in January.