Anti-financial crime firm Mimiro raises $30m
Mimiro has raised $30 million from investors for the expansion of its machine learning platform for analysing the risk of financial crime.
The Series B round was led by Index Ventures, the London and San Francisco-based venture capital firm, and was joined in the round by existing investor Balderton Capital.
Mimiro, formerly ComplyAdvantage, verifies parties and transactions, reducing financial crime and manual checks. The firm has 350 clients in 45 countries across the US, Europe and Asia.
Jan Hammer, partner at Index Ventures who led the firm’s investments in Adyen and Robinhood, joins the Mimiro board.
While financial crime and know your customer (KYC) rules are Mimiro’s near-term focus, the company is building a repository that provides a risk profile for “every commercial entity and individual in the world”.
“We exist because globalisation is intensifying the business problems of trust,” says Mimiro’s CEO and founder Charles Delingpole, who previously founded MarketInvoice. “To offset concerns, many businesses can be hyper-cautious and conservative, losing out on commercial opportunities – in some cases abandoning entire countries or industries.”
Hammer adds: “Historically, financial crime tends to run ahead of the means of catching it; remedies have been reactive. Today, the problems are getting bigger, the risks and the penalties are more severe, and the old system can’t cope.”
The firm says that businesses are typically reliant on solutions that generate large amounts of manual work, plus silos of data that have patchy coverage and can’t easily be combined. The system is beset with false positives which divert attention from following up on genuine red flags.
Mimiro solves the problem with self-improving algorithms, which scour millions of structured and unstructured data sources daily to build a snapshot of an entity’s risk in real-time, and spots nuanced patterns across users and transactions that would elude a human assessor.