ComplyAdvantage nabs $50m in Series C round led by Ontario Teachers

US dollars. Photo: Viacheslav Bublyk/unsplash

London-headquartered ComplyAdvantage has closed a $50-million Series C funding round, led by Ontario Teachers’ Pension Plan Board, the financial-crime detection company said Wednesday.

ComplyAdvantage will use the funds to expand in the US, Europe and the Asia-Pacific.

With the latest round, the total funding raised by the company comes to $88 million, ComplyAdvantage said in a press release.

“Some of the worst atrocities on Earth—terrorism, human trafficking and sexual exploitation— are funded by financial crime,” Charles Delingpole, founder and CEO of ComplyAdvantage, said in a blog post on the company’s website.

“Financial crime can only be eliminated when organizations have the data and technology necessary to flag and revoke criminals’ access to the financial system,” he added.

Ontario Teachers’, among the world’s largest pension plans, made the investment via its Teachers’ Innovation Platform (TIP) for the late-stage venture and growth equity investments in disruptive technology, the press release said.

Existing investors Index Ventures and Balderton Capital also participated in the round, ComplyAdvantage said. Ross Mason, the founder of Dig Ventures, invested in a previous round, according to Crunchbase data.

ComplyAdvantage uses machine learning and natural language processing to manage risks and prevent financial crimes; it has a proprietary database to find real-time analysis for sanctions, watchlists, politically exposed people and negative news, reducing dependence on manual reviews significantly, the statement said.

Jan Hammer, a partner at Index Ventures, said the technology allowed organizations to automate manual and sometimes inadequate processes.

“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,” he said in the statement.

ComplyAdvantage said it has more than 500 client enterprises across 75 countries. The company has hubs in New York, London, Singapore and Cluj-Napoca, Romania.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.