By Aisling Finn on Tuesday 28 July 2020
To date, the fintech has raised $88m and has over 500 customers across 75 countries.
UK-based regtech ComplyAdvantage has today announced the closure of a $50m Series C funding round.
The round was led by Ontario Teachers’ Pension Plan Board, one of the largest pension plans in the world with over $207bn in net assets.
Existing ComplyAdvantage investors Index Ventures and Balderton Capital also participated in the round.
Speaking to AltFi about the raise, founder and CEO of ComplyAdvantage Charles Delingpole explained: “We wouldn’t have raised as early as we had if it weren’t for the pandemic and the recession.”
“In one sense it was a lot easier because normally you have to go and meet in-person and build up a face-to-face rapport and there’s endless travelling and different time zones, so doing it all from the office in my house was much easier than our Series B.”
The fresh funding will be used to expand the business across the US, Europe and the Asia-Pacific region as well as launch new products.
Delingpole told AltFi: “With the Series B we launched in Singapore and New York and now offer Dutch, Italian, Spanish and Portuguese language coverage as well as offering our compliance services in 75 countries.”
“So, the game plan now is to carry on scaling and greatly improve the quality, scope and speed of the products as well as doubling down on functionality and customers.”
The CEO and founder is on a mission to help stop the spread of financial crime: “Only one per cent of financial crime is detected every year more and more crime gets funded and, hopefully, we are building the best tool to prevent that,” he told AltFi.
ComplyAdvantage uses machine learning to spot risks across the databases of financial companies and help prevent money laundering and financial crime.
Customers of ComplyAdvantage can look up over 10m people and organisations and, in just a few clicks, see if there are any links to financial crime on the regtech’s radar.