FinTech scaleup Quantexa scores $20m to fight financial crime

Financial technology startup Quantexa has raised an additional $20m (£15.2 million) in Series B funding led by Dawn Capital.

The scaleup, which closed a $3.3m Series A in March 2017, also drew support from existing backers Albion Ventures and HSBC.

Set up in March 2016, Quantexa leverages big data analytics in a bid to tackle complex financial crime.

According to the London-based company, the money will be used to continue developing its proprietary tech and to expand across the globe.

Vishal Marria, CEO at Quantexa, said: “Leveraging AI to build context is becoming critical to enable organisations to make better decisions. With this investment we will further expand our offerings using our unique technology and accelerate our international expansion following the opening of our New York and Boston operations.”

British Patient Capital, the new wholly-owned commercial subsidiary of the British Business Bank, is an investor in Dawn Capital and Quantexa is one of the first businesses to be supported through the new programme.

Norman Fiore, general partner at Dawn Capital, added: “We were particularly impressed by the flexibility of Quantexa’s impressive technology.

“Currently it provides unique, valuable insights for clients across a myriad of industries from money laundering and credit risk, through to human trafficking and customer acquisition. The firm has experienced tremendous growth to date and we look forward to working closely with the team as they continue to break new ground in data analytics,” concluded Fiore.

As of June this year, Quantexa had produced £5m in revenue and 400% year on year growth.

The company has also partnered with Shell to increase the oil and gas giant’s understanding of its B2B customers.