A UK-based startup focusing on developing AI for financial services, ComplyAdvantage has received USD 50 million to expand its reach and operations.
The company has raised USD 88 million to date, and while it is not disclosing its valuation, it was last valued at around USD 141 million in its last round in 2019, per PitchBook data. The Series C is being led by Ontario Teachers’ Pension Plan Board (Ontario Teachers’), a large pension plan out of Canada that is known as a prolific growth-stage tech investor. Previous backers Balderton and Index are also in the round.
The startup has built an AI platform and wider database of some 10 million entities to help identify and track those involved in financial crime. ComplyAdvantage aims to use the funding for hiring, to invest in the tools it uses to detect entities and map the relationships between them, and to bring on more clients.
ComplyAdvantage has more than 500 customers, primarily financial institutions using it to meet regulatory compliance requirements.
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