ComplyAdvantage boosts market consolidation with $70m Series C

Financial crime detection firm ComplyAdvantage has secured $20m from Goldman Sachs Growth Equity through an extended Series C round.

The investment is an extension to the firm’s earlier oversubscribed Series C in July last year, where the company raised $50m. Goldman Sachs joined a number of other investors in the round including Index Ventures, Balderton Capital and the Ontario Teachers’ Pension Plan Board.

Established in 2014, ComplyAdvantage uses machine learning and natural language processing to help regulated organizations manage their risk obligations and prevent financial crime.

The company 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 currently has locations in New York, London, Singapore and Cluj-Napoca.

According to ComplyAdvantage, it will use the new funding to build on its rapid growth it has experienced to date as well as ‘cementing its position as a critical part of the value chain’ for companies managing risks related to anti-money laundering (AML), KYC processes and broader financial crime.

Recently, the firm has been widening its footprint by establishing itself as a global partner for companies such as Australian payment app Beem, UK challenger bank OakNorth and US crypto exchange platform Gemini.

The company has also recently introduced ComplyLaunch – a new program that offers free access to the company’s AML tools and education for startups.

ComplyAdvantage CEO and founder Charles Delingpole said, “Financial services innovation is the catalyst for massive business transformation. Companies need a hyper-scale AML and risk solution as a financial crime deterrent.

“Goldman Sachs is a great partner for ComplyAdvantage because they recognize the power of intelligent AML and risk detection not only to fortify businesses but also to help them introduce new services to market with greater confidence and integrity.”

Goldman Sachs Growth Equity managing director James Hayward added, “We’ve seen first-hand the compelling benefits that ComplyAdvantage offers across a range of Goldman Sachs Growth portfolio companies. The company brings clear value to its clients and has grown at an impressive rate. We are excited to support the business as it continues to scale rapidly and help companies of all stages manage these critical risks.”

ComplyAdvantage recently partnered with technology marketplace for financial services Bofin to help the latter lower its risk of financial crimes and money laundering.

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