ComplyAdvantage, a London-based startup working in financial crime detection, has closed a $50 million Series C funding round that will fuel rapid product and market expansion across the United States, Europe, and the Asia Pacific.
The round was led by Ontario Teachers’ Pension Plan Board (Ontario Teachers’) through its Teachers’ Innovation Platform (TIP), which focuses on late-stage venture and growth equity investments in companies that use disruptive technology. Existing investors Index Ventures and Balderton Capital also participated.
The UK software uses machine learning and natural language processing to help organisations comply with regulations, meet their risk obligations and prevent financial crime. The proprietary database is derived from millions of data points that provide dynamic, real-time insights across sanctions, watchlists, politically exposed persons and negative news, reducing dependency on manual review processes and legacy databases by up to 80 percent.
Commenting on the round, founder and CEO Charles Delingpole said, “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.”
Founded in 2014, the fintech security company has raised $88 million to date.
Photo: Founder Charles Delingpole