Elliptic to help banks adopt crypto safely with Series C backing

December 10, 2021

Elliptic, a cryptoasset risk management provider, has closed its Series C round on $60m, as it bolsters its market position.

Evolution Equity Partners served as the lead investor, with commitments also coming from SoftBank Vision Fund 2, AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, Octopus Ventures, SignalFire and Paladin Capital Group.

With the capital injection, Elliptic plans to strengthen its position in the market through continued research and development efforts. Part of this growth, the company will also invest into its global network and its team.

The FinTech company helps financial markets participants to adopt cryptos through a suite of compliance and investigative solutions to bolster trust and confidence with the digital asset. Its clients include traditional financial institutions, FinTechs, crypto businesses and government agencies

Founded in 2013, the FinTech company leverages blockchain analytics to handle financial crime compliance. By analysing 20 billion data points, the platform can help a company bolster their AML compliance processes with cryptocurrency.

Its features include crypto wallet screening, crypto transaction monitoring, VASP screening and crypto investigations.

As part of the deal, Evolution Equity Partners founder and managing partner Richard Seewald will join the Elliptic board of directors.

Seewald said, â€œElliptic is at the forefront of safeguarding our digital world and has led the way in enabling the safe adoption of cryptoassets across financial services. The latest fundraise provides Elliptic more resources to expand their market-leading cryptoasset risk management to financial organizations, businesses and regulatory authorities around the world.â€

Elliptic previously raised $28m in a Series B round, which was backed by Wells Fargo Strategic Capital.

Earlier this year, the company teamed up with UK challenger bank Revolut. The deal saw Elliptic deploy its technology to help the digital bank safeguard crypto withdrawals and guard against risk.