ComplyAdvantage extends funding round with Goldman Sachs investment
Regtech firm ComplyAdvantage has received an undisclosed investment from the Growth Equity team in Goldman Sachs Asset Management – an extension of the start-up’s oversubscribed Series C funding round last July.
Existing investors include Ontario Teachers’ Pension Plan Board, Index Ventures, and Balderton Capital.
ComplyAdvantage says it will use the new investment “to cement its position as a critical part of the value chain for companies managing evolving risks around anti-money laundering (AML), know your customer (KYC) processes and broader financial crime”.
More than 500 customers
Founded in 2014, ComplyAdvantage has four global hubs in New York, London, Singapore, and Cluj-Napoca (Romania).
It claims 500+ customers across 75 countries. Among them are US crypto exchange Gemini, Australian payment app Beem It, and OakNorth, a UK-based challenger bank.
“The company brings clear value to its clients and has grown at an impressive rate,” says James Hayward, managing director in the Growth Equity team at Goldman Sachs Asset Management.
The vendor offers what it calls “a true hyperscale financial risk insight and AML data solution that leverages machine learning and natural language processing”.
ComplyAdvantage’s proprietary database draw “from millions of data points”. These, it says, “provide dynamic, real-time insights across sanctions, watch-lists, politically exposed persons, and negative news”.
Such data results in up to 80% reduction in dependence on manual review processes and legacy databases, ComplyAdvantage claims.
It has also recently launched a new programme, ComplyLaunch. The programme provides free access to its AML tools and education for start-ups.