From: RegTech Analyst
Financial crime fighting tech company ComplyAdvantage has secured $50m in a Series C funding round that brought the total investment injected into it to $88m.
Having already become a key partner for some of the largest banks, enterprises and high-growth FinTechs in the world, ComplyAdvantage uses machine learning and natural language processing to help regulated organizations manage their risk obligations and prevent financial crime.
It uses big data to provide real and actionable insights that reduces dependence on manual review processes and legacy databases by up to 80% and improves how companies screen and monitor clients and transactions.
ComplyAdvantage will use the new funds to expedite the development of its product and expand across the United States, Europe, and the Asia-Pacific region.
Ontario Teachers’ Pension Plan Board, one of the world’s largest pension plans with $145.7bn in net assets, through its Teachers’ Innovation Platform (TIP).
“Ontario Teachers’ deep experience and credibility with global financial institutions made them a natural choice to lead the round,” said Charles Delingpole (pictured), founder and CEO 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.”
Existing ComplyAdvantage investors Index Ventures and Balderton Capital also participated in the round.
“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 at 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.”
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