Tech firm that detects financial crime closes $50m funding round
ComplyAdvantage, a technology company that detects financial crime, has closed a $50m (£38.8m) Series C funding round to expand across the United States, Europe and the Asia-Pacific region.
The group, which uses machine learning and language processing to help regulated firms manage risk and prevent financial crime, has received $88m in total investment. As well as expanding into new countries, ComplyAdvantage plans to use the funds to launch more products.
The Series C round was led by the Ontario Teachers’ Pension Plan Board (Ontario Teachers), which through its Teachers’ Innovation Platform (TIP), focuses on late-stage venture and growth equity investments in firms that use disruptive technology.
Existing ComplyAdvantage investors Index Ventures and Balderton Capital also participated in the round.
Read more: Risk of online financial fraud accelerates pace of digital transformation
“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.
“Ontario Teachers takes a long view of investing that is genuinely aligned with our own vision at ComplyAdvantage to transform how companies mitigate risk.
“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.”
Read more: Finance sector unites to combat scam coronavirus text messages
“ComplyAdvantage offers mission-critical technology solutions for combating financial crime and keeping pace with an ever-evolving regulatory landscape,” said Olivia Steedman, senior managing director, TIP, at Ontario Teachers.
“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.”
This follows the Financial Conduct Authority warning that firms delivering state-backed loans under the government’s emergency loan scheme need to balance the quick delivery of funds with managing the risks of financial crime.
So far four peer-to-peer lending platforms – Funding Circle, Assetz Capital, LendingCrowd and Folk2Folk – have been accredited to deliver the coronavirus business interruption loan scheme.
