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ComplyAdvantage closes $8.2m Series A led by Balderton Capital

regtech

ComplyAdvantage, which leverages AI and machine learning to help companies manage their compliance, has announced the closure of a $8.2m Series A funding round led by Balderton Capital.

The RegTech company will use the funds to grow and to increase product penetration across Europe and North America.

Headquartered in London, ComplyAdvantage also has offices in Romania and New York, where it has a team of over 50 people.

“In compliance, we see lots of entrants with a new workflow, or user-interface tool that is just repackaging the same data. ComplyAdvantage is doing something different, by developing its own proprietary global data set of individuals and companies that pose a threat,” said Tim Bunting, general partner at Balderton Capital. “We believe that this is one of the few remaining large industries that is still ripe for digital disruption. We are thrilled to be backing Charles and his team, they are well on their way to changing the way companies can understand and monitor risk around their clients. Their mission is truly exciting, and relevant to all businesses.”

Founded in 2014, ComplyAdvantage claims to have some 200 clients which use the companies solutions, which spread across three main areas: a data feed of proprietary AML risk data, an on-boarding screening and monitoring platform for ‘know your customer’ (KYC) processes and a real-time transaction monitoring platform to detect suspicious customer behaviour.

Charles Delingpole, the founder, said:“Compliance is painful, slow and expensive. It is a huge overhead for firms and there is a massive opportunity to unlock this through technology. At one of my earlier businesses, I was the guy who would have gone to prison if we got compliance wrong, and I found it incredibly difficult to rapidly and safely assess the potential risk of my customers using the existing data and software on the market.

“To make matters worse, the tools generally generated a huge amount of manual work. So I decided to do something about it. This investment is testament to the incredible things the team has achieved so far and we look forward to taking our business to the next level with Balderton’s support and expertise,” he concluded.

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