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.