AI-based financial crime detection startup ComplyAdvantage has extended its Series C round to $70 million, with a $20 million top-up from Goldman Sachs.
The investment comes on top of the company’s oversubscribed Series C funding announced in July 2020, which was led by Ontario Teachers’ Pension Plan Board and joined by existing investors Index Ventures and Balderton Capital.
London-based ComplyAdvantage uses machine learning and natural language processing to help banks, fintechs and other enterprises 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.
Clients include high-growth companies such as US crypto exchange Gemini, Australian payment app Beem It and UK challenger OakNorth Bank.
In April, the firm introduced an early-stage anti-money laundering programme intended to attract startups to the platform by offering free access to its AML tools.