ComplyAdvantage tops up Series C round to $70m with Goldman Sachs

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The British start-up plans to expand its anti-money laundering technology for the financial services sector.

Anti-money laundering start-up ComplyAdvantage has topped up its Series C round with around $20m from Goldman Sachs, bringing the round to $70m.

The London-based start-up makes anti-money laundering (AML) and know your customer (KYC) software and announced the initial $50m tranche of funding in this Series C round last year. It is also backed by Index Ventures and Balderton Capital.

Its software is used by financial institutions and fintech challengers alike, including OakNorth Bank and cryptocurrency exchange Gemini. It plans to invest the funds in further developing its product.

Chief executive Charles Delingpole said that the financial services industry needs a “hyper-scale AML and risk solution as a financial crime deterrent”.

“Goldman Sachs Asset Management is a great partner for ComplyAdvantage because they recognise the power of intelligent AML and risk detection not only to fortify businesses but also to help them introduce new services to market with greater confidence and integrity,” he said.

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ComplyAdvantage use machine learning and natural language processing to help firms scour their business for risks.

It has amassed a database of real-time insights on key data like sanctions and watchlists that keeps on top of possible violations or suspicious activities and “the growing volume, velocity and complexity of financial crimes”.

According to the start-up, its tech reduces the need for manual review by 80pc that frees up staff to handle more nuanced and complex cases that require the human eye.

While the start-up targets financial institutions as customers, recently it released a new product called ComplyLaunch, a free suite of AML tools for start-ups to stay compliant with regulations but also to ensure confidence in new products they bring to market.

“We’ve seen first-hand the compelling benefits that ComplyAdvantage offers across a range of portfolio companies,” James Hayward, managing director in the growth equity team at Goldman Sachs Asset Management, said. “The company brings clear value to its clients and has grown at an impressive rate.”