Regtech ComplyAdvantage reports record year, makes senior hires
Regtech ComplyAdvantage, which focuses on financial crime detection, has appointed Nabeel Vilcassim as chief financial officer (CFO) and Oliver Furniss as chief product officer (CPO).
Vilcassim joins from Moelis & Company where he served as managing director and head of EMEA fintech.
He brings more than 15 years of investment banking and corporate finance experience advising global financial services firms, fintech and market infrastructure firms on M&A, financing and strategic investment transactions.
He started his career at Citigroup covering the European financial services sector.
Furniss was most recently CPO at Dojo, the UK’s newest card payment acquirer. Previously, he served as product lead at Wise (formerly TransferWise) and global VP of product at Xero.
Both will report directly to Vatsa Narasimha, chief operating officer (COO) and until now, CFO, of ComplyAdvantage. He himself is a relative newcomer to the company, having joined two years ago.
The regtech says 2021 brought record growth of 80% in annual recurring revenue, “fuelled by an expanded portfolio of global crypto, fintech and banking customers including Gemini, HTB and TransferMate and key strategic partnerships with blockchain data and BaaS providers including Elliptic and Raisin Bank”.
Usage across the company’s anti-money laundering (AML) solution sets also hit record levels with search volumes doubling quarter over quarter for the Customer Screening and Monitoring solution while Transaction Risk Management volumes increased fourfold.
In 2021, the company’s platform facilitated more than one billion searches across 150 million entities that are monitored daily.
ComplyAdvantage anticipates its growth momentum to continue in 2022 and will be increasing the team to nearly 500 people by the year end.
ComplyAdvantage was founded in 2014 with a mission “to neutralise the risk of money laundering, terrorist financing, corruption and other financial crime”. It has four main hubs in New York, London, Singapore and Cluj-Napoca (Romania), and is backed by Goldman Sachs, Ontario Teachers’ Pension Plan, Index Ventures and Balderton Capital.
Last year, it extended its oversubscribed Series C funding round with additional investment from Goldman Sachs.