Elliptic collects $23m in Series B led by SBI Group to support Asian expansion

Elliptic, a crypto-asset risk management platform, has collected $23m in its Series B round led by SBI Group.

Other contributions came from AlbionVC, and previous backers SignalFire, Octopus Ventures, and Santander Innoventures. As part of the deal, SBI Group general manager Tomoyuki Nii, and AlbionVC partner Ed Lascelles will join the company’s board of directors.

These new funds will be used to further expansion into Asia, with new offices set to open in Japan and Singapore. The capital injection comes after a period of strong growth which has seen revenue from clients based in Asia increase 11-times in two years.

Alongside this, funds will be used to increase product development to support emerging asset-backed crypto-assets such as Facebook’s Libra.

Elliptic is leveraged by more than 100 crypto businesses and financial institutions around the world to manage their financial crime when dealing with crypto-assets. Clients leverage Elliptic to screen billions of dollars in transactions each day and analyse them for links to illegal activity, such as money laundering, terrorist financing, sanctions evasion, and other financial crimes.

By working with SBI Group, the FinTech will be able to support further financial institutions use Elliptic to access crypto opportunities.

James Smith, Co-founder and CEO of Elliptic, said: “We believe it no longer makes sense to think of a divide between the crypto economy and the wider financial system. Crypto-assets represent new opportunities for financial institutions, and as they move towards addressing these, we are here to support them.

“Elliptic’s work to enable trust, transparency, and accountability within the industry has played a critical role in the push beyond cryptocurrency’s experimental phase.”

Copyright © 2019 FinTech Global

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