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Total amount raised
$108.2M
Latest funding date
2021-05-20
Location
ComplyAdvantage has successfully raised $88.2 million over three funding rounds, with the latest being a Series C in July 2020. The company focuses on fixing anti-money laundering and compliance issues using smart technology and better data.
What Is ComplyAdvantage?
ComplyAdvantage, founded in 2014 by Charles Delingpole, is dedicated to combating financial crime through advanced technology and data. The company operates from multiple locations, including New York City, Singapore, and London.
Specializing in AI-driven fraud and AML risk detection, ComplyAdvantage offers solutions like Customer Screening, Transaction Monitoring, and Payment Screening. Their tools help firms improve compliance efficiency and reduce false positives.
With a team of 201-500 employees, ComplyAdvantage continues to innovate in the field of financial crime risk intelligence, serving over 1600 businesses worldwide.
How Much Funding Has ComplyAdvantage Raised?
- Series A Funding Round
- Amount Raised: $8.2 million
- Date: October 2016
- Lead Investors: Balderton Capital
- Motivation Behind the Round: To fuel growth across Europe and the U.S., including opening a new office in New York, and to further develop AI and machine learning technologies for compliance management.
- Series B Funding Round
- Amount Raised: $30 million
- Date: January 2019
- Lead Investors: Index Ventures
- Motivation Behind the Round: To accelerate global expansion of its machine-learning platform for analysing financial crime risk, with Balderton Capital also participating as an existing investor.
- Series C Funding Round
- Amount Raised: $50 million
- Date: July 2020
- Lead Investors: Ontario Teachers' Pension Plan Board (via Teachers' Innovation Platform)
- Motivation Behind the Round: To fuel rapid product development, market expansion, and continued investment in AI-driven financial crime detection. Index Ventures and Balderton Capital participated as existing investors.
- Series C Extension
- Amount Raised: $20 million
- Date: May 2021
- Lead Investors: Goldman Sachs Growth Equity
- Motivation Behind the Round: An extension to the oversubscribed Series C round, bringing the total Series C to $70 million and overall cumulative funding to $108.2 million. Ontario Teachers' Pension Plan Board, Index Ventures, and Balderton Capital also participated.
Total Amount Raised: at least $108.2 million based on disclosed funding.
Key Investors
- Balderton Capital
- Details: Balderton Capital is a London-based venture capital firm that led the Series A round and participated in subsequent rounds. They are known for investing in early-stage technology companies across Europe.
- Investment Focus Areas: Technology, digital disruption, innovative solutions.
- Notable Investments: Revolut, Citymapper, GoCardless.
- Index Ventures
- Details: Index Ventures is a global venture capital firm with offices in London, San Francisco, and Geneva. They led the Series B round and participated in the Series C rounds.
- Investment Focus Areas: Fintech, enterprise software, e-commerce.
- Notable Investments: Dropbox, Robinhood, Slack.
- Ontario Teachers' Pension Plan
- Details: Ontario Teachers' Pension Plan Board led the $50 million Series C in July 2020 through its Teachers' Innovation Platform (TIP). They are one of Canada's largest institutional investors managing the retirement funds of Ontario's teachers.
- Investment Focus Areas: Technology, healthcare, infrastructure.
- Notable Investments: SpaceX, Epic Games, Ancestry.com.
- Goldman Sachs
- Details: Goldman Sachs Growth Equity invested $20 million in the Series C extension in May 2021, bringing the total Series C to $70 million. Goldman Sachs is a leading global investment banking and financial services firm.
- Investment Focus Areas: Financial services, technology, real estate.
- Notable Investments: Uber, Spotify, WeWork.
What's Next for ComplyAdvantage?
ComplyAdvantage stands at the cusp of significant growth opportunities, particularly in the U.S. market, where the demand for advanced compliance solutions is burgeoning. The company's AI and ML technologies are poised to disrupt traditional compliance methods, offering a more efficient and cost-effective approach to managing AML, CFT, and PEPs lists.
As the regtech industry continues to expand, ComplyAdvantage may seek additional funding to support its ambitious growth plans. Future fundraising rounds could help the company scale its operations and enhance its technological capabilities, positioning it as a leader in the compliance sector.
However, challenges remain. Convincing financial institutions to adopt new technologies and navigating regulatory expectations will be critical hurdles. Overcoming these obstacles will be essential for ComplyAdvantage to fully realize its potential in the evolving compliance landscape.
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