A technology company focused on crime detection, ComplyAdvantage raises US$50M in Series C round of financing
FREMONT, CA: ComplyAdvantage, a global technology company focuses on financial crime detection, secured US$50m investment in Series C round of financing. The Series C funding round, which brought the total investment the firm raised till date to US$88M, was led by Ontario Teachers’ Pension Plan Board (Ontario Teachers), along with the participation from existing investors Index Ventures and Balderton Capital.
The company plans to invest the funds towards rapid product development and market expansion across the United States, Europe, and the Asia-Pacific region.
Led by Charles Delingpole, Founder, and CEO, ComplyAdvantage offers an AI-driven financial crime risk data and detection technology platform to nullify the risk of money laundering, terrorist financing, corruption, and other financial crime. Approximately 500 enterprises in 75 countries have adopted the platform as it identifies the risk of who they are doing business with via its global, real-time database of people and companies. The firm dynamically identifies tens of thousands of risk events from millions of structured and unstructured data points every day. ComplyAdvantage has four global headquarters located in New York, London, Singapore, and Cluj-Napoca.
“We’re dealing with not only sanctions, but also corruption, political exposure, human trafficking, wild life trafficking — the whole global instability thing definitely plays into our wheelhouse in terms of how you prevent that,” founder and chief executive Charlie Delingpole told Yahoo Finance UK.
“Companies in this kind of environment can’t afford to sully their reputation not only with consumers but also in terms of the government being much more hands on with companies that facilitate crime,” Delingpole said.
Jan Hammer, a partner at Index Ventures and ComplyAdvantage board member, said: “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.”