ComplyAdvantage‘s investment has reportedly come on top of the firm’s oversubscribed Series C round that was announced in July of last year. It was led by Ontario Teachers’ Pension Plan Board and included participation from existing investors Index Ventures and Balderton Capital.
London-headquartered ComplyAdvantage leverages machine learning and natural language processing (NLP) to assist banking institutions, Fintech firms, and other businesses with effectively managing their risk obligations while preventing financial crime.
The firm’s proprietary database is derived from millions of data points that aim to offer dynamic, real-time insights across sanctions, watchlists, politically exposed individuals, and news carrying negative sentiments.
Customers include high-growth firms like US digital asset exchange Gemini, Australian payments app provider Beem It and UK banking challenger OakNorth Bank.
Last month, the company unveiled an early-stage AML program meant to attract startups to the platform by providing access to its anti-money laundering tools free-of-cost.
As covered earlier this month, HUBUC formed a partnership with Regtech ComplyAdvantage to integrate compliance and security screening technology to its banking-as-a-service (BaaS) platform.
HUBUC describes itself as an embedded financial service provider that allows businesses to integrate multiple payment capabilities from a single platform. The platform’s features include managing all regulatory compliance on behalf of its customers, which saves them the investment in time, implementation, and resourcing.
As covered last month, ComplyAdvantage had noted that the European Union has introduced a strategy to deal with organized and financial crime and the US recently imposed new sanctions on Russia.
While sharing recent financial crime regulatory highlights, ComplyAdvantage pointed out that the European Commission (EU) recently proposed a new Strategy to deal with Organized Crime (2021-2025) for the European Union (EU).
The ComplyAdvantage team had also mentioned that among the key priorities of the Strategy is “the need for the Union and its member states to take a tougher – and more consistent – line on AML.”
The Regtech firm added:
“The Strategy provides a five-year plan for new legislation and cross-border operational initiatives that will target serious and organized criminal gangs (OCGs). As the Strategy notes, organized crime has long been a problem for the EU, but the recent COVID-19 pandemic has provided new opportunities for criminals to expand their activities into cybercrime, especially online fraud.”