ComplyAdvantage Closes US$50M Series C to Fuel Growth and Expansion in Fight Against Financial Crime

ComplyAdvantage Closes US$50M Series C to Fuel Growth and Expansion in Fight Against Financial Crime

 

World Leader in Financial Crime Detection Technology Backed by Funding from Ontario Teachers’ Pension Plan Board, Index Ventures, and Balderton Capital

 

SINGAPORE—July 29, 2020—ComplyAdvantage, a global technology company transforming financial crime detection, has announced the close of a US$50 million Series C funding round, bringing the total investment to date to US$88M. The company will apply the investment toward rapid product and market expansion across the United States, Europe, and the Asia-Pacific region.

 

The Series C round was led by Ontario Teachers’ Pension Plan Board (Ontario Teachers’), one of the world’s largest pension plans with C$207.4 billion in net assets, through its Teachers’ Innovation Platform (TIP), which focuses on late-stage venture and growth equity investments in companies that use disruptive technology. Existing ComplyAdvantage investors Index Ventures and Balderton Capital also participated in the round.

 

“Ontario Teachers’ deep experience and credibility with global financial institutions made them a natural choice to lead the round,” said Charles Delingpole, 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.”

 

Already the preferred choice of some of the world’s largest banks, enterprises and high-growth fintechs, ComplyAdvantage uses machine learning and natural language processing to help regulated organizations 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 reduces dependence on manual review processes and legacy databases by up to 80% and improves how companies screen and monitor clients and transactions.

 

“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, 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.”

 

External risk indicators are becoming harder to spot as the amount of information available grows exponentially and the speed of change gathers pace. COVID-19 has created additional challenges for governments and financial institutions. They are having to decipher changes in transaction patterns and manage new levels of risk associated with large amounts of pandemic-relief funds during a mass and unplanned migration to remote working.

 

“Detecting financial crime in billions of transactions that take place around the globe has become nearly impossible without the application of data science and machine learning. It is this approach that has made ComplyAdvantage into a leader in the category, and the go-to partner for organizations who seek to automate what are still very often manual or inadequate processes,” said Jan Hammer, Partner at Index Ventures.

 

About Ontario Teachers’

 

The Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is the administrator of Canada’s largest single-profession pension plan, with C$207.4 billion in net assets (all figures as at December 31, 2019). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.7% since the plan’s founding in 1990. Ontario Teachers’ is an independent organization headquartered in Toronto. Its Asia-Pacific region office is located in Hong Kong and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded, invests and administers the pensions of the province of Ontario’s 329,000 active and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo.

 

About ComplyAdvantage

 

ComplyAdvantage is the financial industry’s leading source of AI-driven financial crime risk data and detection technology. ComplyAdvantage’s mission is to neutralize the risk of money laundering, terrorist financing, corruption, and other financial crime. More than 500 enterprises in 75 countries rely on ComplyAdvantage to understand the risk of who they’re doing business with through the world’s only global, real-time database of people and companies. The company actively identifies tens of thousands of risk events from millions of structured and unstructured data points every single day. ComplyAdvantage has four global hubs located in New York, London, Singapore and Cluj-Napoca and is backed by Ontario Teachers’, Index Ventures and Balderton Capital. Learn more at complyadvantage.com.

 

# # #

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Elon Musk Buy Next

What Is Elon Musk Going to Buy Next?

There are moments in our lives—perhaps we are in the shower or struggling to sleep at 2 A.M.—when we think about all the ways we could influence the world. We find solutions to crypto volatility, world hunger and our neighbor’s ultra-dry plants.

5 Technologies

5 Technologies That Are on Stage in Russia’s Invasion of Ukraine So Far

On February 21, 2022, Vladimir Putin, President of the Russian Federation, declared the independence of the Donetsk People’s Republic and Luhansk People’s Republic. Arousing international outcry, this ignited the ultimate invasion of Russia on Ukraine three days later. While Ukrainians are still defying Putin’s covetous ambitions, new technologies have been floating on the surface to take advantage of each other.

Technology Joy Ghose

Technology Pioneers – Interview With Joy Ghose of FreeD Group

Over the past 15 years, the Chief Commercial Officer (CCO) of FreeD Group Limited, Joy Ghose, has accumulated plenty of experience in the travel and technology industry. Before joining FreeD Group, Ghose was involved in sales, marketing and management roles at companies like Merlin Entertainments and The Hong Kong Tourism Board.

Creamy Mattes and Beyond Reviewing GoPlay Cosmtics’ Custom Lipstick Maker

To Creamy Mattes and Beyond: Reviewing GoPlay Cosmtics’ Custom Lipstick Maker

While researching for our piece on personal color analysis, I came across the LIPSKIT, a custom lipstick-making tool created by GoPlay Cosmetics. GoPlay Cosmetics is a DIY (do-it-yourself) make-up brand that is looking to prioritize sustainability in the make-up industry without compromising the variety of your lipstick collection.

Ledger vs Trezor

Ledger vs Trezor: Where Should You Store Your Crypto Holdings?

As lucrative as the cryptocurrency world is, it comes with a high risk of losing your crypto because of hacks. To make sure that your crypto holdings stay safe with you, you must carefully choose effective storage solutions for them. One of the ways to keep your crypto secure is by holding it in a hardware wallet.

4 best companion robots to consider in 2022

Alone No More: 4 Best Companion Robots to Consider in 2022

The Covid-19 pandemic and the isolation that accompanied it has given many of us a healthy appreciation for good company. Over the long periods of self-isolation and quarantine, we have come to the realization that company can also come in many non-human forms, like pets, plants and… Roombas?