Elliptic, a provider of cryptoasset risk management solutions, announced on Thursday Wells Fargo Strategic Capital (WFSC) has joined its Series B funding round, bringing the total amount raised to over $28 million. The investment round’s participants also included SBI Group and Santander InnoVentures.
Founded in 2013, Elliptic claims it empowers financial institutions and crypto businesses to confidently manage risk and meet AML regulatory compliance worldwide.
“With our multi currency coverage including Bitcoin, Ethereum, Bitcoin Cash, LiteCoin and more, we are the global standard for delivering safe and trusted services in cryptocurrency.”
Elliptic also claims it launched the world’s first cryptoasset transaction monitoring and investigations software, enabling clients to investigate and detect illicit activity in digital currencies and to help financial institutions, digital wallets and payments companies to detect improper use of cryptocurrencies.
The company is planning to use the latest round of financing to hire the resources needed to accelerate the roll out of a new risk management solution for financial institutions, called Elliptic Discovery. Purpose-built for banks, Elliptic Discovery provides compliance teams with insights to identify any flow of funds into and out of cryptoassets and to better assess the risk that they pose. Speaking about the investment, James Smith, CEO of Elliptic, stated:
“We are proud to announce Wells Fargo’s investment in Elliptic. The partnership with our bank investors will further enhance our ability to better understand and work closely with financial institutions around the world to provide them with greater visibility into the cryptoasset ecosystem. Instead of leaving financial institutions in the dark regarding transactions in the emerging cryptoasset class, our aim is that Elliptic, working with financial institutions, will shine a light on any cryptoasset-linked transaction activity and enable them to manage risk accordingly.”
Basil Darwish, Managing Director of Wells Fargo Strategic Capital, added:
“We are pleased to participate in Elliptic’s Series B financing round and to support their mission of developing innovative risk management solutions. Since its inception in 2013, Elliptic has been a pioneer in developing a distinctive array of data sets and transaction monitoring tools. We are excited to invest in Elliptic and to help them execute the next phase of their business plan.”