ComplyAdvantage bags $50m to help detect financial crime

28 Jul 2020

ComplyAdvantage CEO Charles Delingpole. Image: ComplyAdvantage

With the latest funding, ComplyAdvantage plans to invest in rapid product and market expansion across the US, Europe and the Asia-Pacific region.

Today (28 July), financial crime detection start-up ComplyAdvantage announced the close of a $50m Series C funding round. The latest investment brings the total raised by the start-up to $88m.

The funding round was led by the Ontario Teachers’ Pension Plan Board, which is one of the world’s largest pension plans with CAD$207.4bn in net assets.

Ontario Teachers’ investment was made through its Teachers’ Innovation Platform (TIP), which focuses on late-stage venture and growth equity investments in companies that use disruptive technology.

Existing ComplyAdvantage investors Index Ventures and Balderton Capital also participated in this funding round. The start-up said that the latest batch of funding will be used for rapid product and market expansion across the US, Europe and the Asia-Pacific region.

Using AI to manage risk

Founded in 2014, ComplyAdvantage has bases in London, New York, Singapore and Cluj-Napoca. It was set up with the goal of neutralising the risk of money laundering, terrorist financing, corruption and other financial crimes that take place online, using AI-driven risk detection technology.

The start-up currently has 500 customers in 75 countries that use the technology to understand the potential risks associated with who they are doing business with through a real-time database.

The company said that it actively identifies tens of thousands of risk events from millions of structured and unstructured data points on a daily basis, and uses machine learning and natural language processing to help regulated organisations manage their risk obligations and prevent financial crime.

According to ComplyAdvantage, Covid-19 has created additional challenges for governments and financial institutions as they have to decipher changes in transaction patterns and manage new levels of risk associated with pandemic-related relief funds.

Charles Delingpole, CEO of ComplyAdvantage, said the fresh funding will help accelerate the development of products to serve “institutions with diverse clients and complex risk exposure”.

Olivia Steedman, senior managing director of TIP at Ontario Teachers, added: “ComplyAdvantage offers mission-critical technology solutions for combating financial crime and keeping pace with an ever-evolving regulatory landscape.

“The company is well positioned to continue its rapid growth as its powerful technology platform transforms the compliance and risk management process for clients.”

Kelly Earley was a journalist with Silicon Republic