London-based digital financial crime fighting company, ComplyAdvantage has announced it has raised US$50 million for growth and expansion. The startup built an Al platform and wider database of some 10 million entities to help identify and track those involved in financial crime.
The United Nations office on Drugs and Crime estimates that between US$800 billion – US$2 trillion and only 1%-3% of this crime is caught.
The round was led by the Ontario Teachers’ Pension Plan Board, renowned plan in Canada and an institutional investor known for investing in early stages in tech companies. Existing investors including early Facebook backer Index Ventures and London’s Balderton Capital also participated in the round.
“Ontario Teachers’ deep experience and credibility with global financial institutions made them a natural choice to lead the round,” said Charles Delingpole, founder and chief executive of Complyadvantage.
“This funding allows us to accelerate the development of our industry-leading data and suite of products to serve institutions with diverse clients and complex risk exposure.” He added.
“Detecting financial crime in billions of transactions that take place around the globe has become nearly impossible without the application of data science and machine learning. It is this approach that has made ComplyAdvantage into a leader in the category, and the go-to partner for organizations who seek to automate what are still very often manual or inadequate processes,” said Jan Hammer, a partner at Index Ventures, in a statement.
Olivia Steedman, Senior Managing Director, TIP, at Ontario Teachers also said, “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 its clients.”