12 December 2017
visit www.avoka.com

RegTech startup ComplyAdvantage raises $8.2m

13 October 2016  |  8839 views  |  0 Group of arrows with one odd pointing other direction

ComplyAdvantage, a London-based regtech startup which uses artificial intelligence and machine learning to help firms meet AML and terrorst financing rules, has raised $8.2 million in a Series A funding round led by Balderton Capital.

Founded in 2014, ComplyAdvantage already claims some 200 clients for its feed of proprietary AML risk data, on-boarding screening and monitoring platform for KYC processes, and real-time transaction monitoring platform.

The firm says that its dynamic proprietary database, which covers sanctions and watchlists, politically exposed persons, and global adverse media lets it create structured profiles of high risk individuals and companies and their associates.

It already has offices in London and Romania which house around 50 staffers and is this week opening a New York site in preparation for an assault on the North American market.

Tim Bunting, general partner, Balderton Capital, says: "In compliance, we see lots of entrants with a new workflow, or user-interface tool that is just repackaging the same data. ComplyAdvantage is doing something different, by developing its own proprietary global data set of individuals and companies that pose a threat."

Last month IBM agreed to buy risk management and regulatory compliance consulting firm Promontory Capital ahead of the creation of a new subsidiary, Watson Financial Services, in which it will use artificial intelligence technology to keep pace with the rapidly changing financial reporting landscape.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

IBM to acquire Promontory; create AI-driven compliance subsidiary

IBM to acquire Promontory; create AI-driven compliance subsidiary

29 September 2016  |  9388 views  |  0 comments | 15 tweets | 23 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.atos.netvisit www.response.ncr.comvisit http://info.nice.com

Who is commenting?

Top topics

Most viewed Most shared
Revolut lets customers buy Bitcoin, Litecoin and EthereumRevolut lets customers buy Bitcoin, Liteco...
18628 views comments | 26 tweets | 22 linkedin
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11552 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
8059 views comments | 15 tweets | 21 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
6839 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
6194 views comments | 19 tweets | 10 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job