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ComplyAdvantage raises $50m for financial crime platform

ComplyAdvantage raises $50m for financial crime platform

AI-based financial crime detection startup ComplyAdvantage has closed a $50 million Series C funding round to fuel its international expansion plans.

Ontario Teachers’ Pension Plan Board led the round, which was joined by existing investors Index Ventures and Balderton Capital.

London-based ComplyAdvantage uses machine learning and natural language processing to help banks, fintechs and other enterprises manage their risk obligations and prevent financial crime.

The company’s proprietary database is derived from millions of data points that provide dynamic, real-time insights across sanctions, watchlists, politically exposed persons, and negative news.

This, says the firm, reduces dependence on manual review processes and legacy databases by up to 80% and improves how companies screen and monitor clients and transactions.

Charles Delingpole, CEO, ComplyAdvantage, says: "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."

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