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London startup fighting against financial crime with ML picks $70M from Goldman Sachs


London-based global data technology company – ComplyAdvantage transforming financial crime detection has announced a fresh investment from Goldman Sachs Growth Equity (“Goldman Sachs”). 

While the terms of transactions were not disclosed, the Machine Learning (ML) scaleup has extended its Series C investment to $70 million with this new Goldman Sachs investment. 

Pouring fresh investment into oversubscribed Series C funding

It is an extension to the company’s oversubscribed Series C funding announced in July 2020. With this, Goldman Sachs joins a growing list of the company’s world-class investors, including the Ontario Teachers’ Pension Plan Board, Index Ventures, and Balderton Capital.

Using fund for AML, KYC and financial crime detection

The company will use this new investment to build on the rapid growth it has experienced to date. Further, ComplyAdvantage will establish its position as a critical part of the value chain for companies managing increasing risks around anti-money laundering (AML), knows your customer (KYC) processes, and broader financial crime.

Further, the company also has been establishing itself as the global partner of choice for high-growth companies including the U.S. crypto exchange Gemini, the Australian payment app Beem It and OakNorth Bank, one of the most successful challenger banks in the U.K.

In addition, the company also announced the availability of a new program called ComplyLaunch that provides free access to the company’s award-winning AML tools and education for startups, helping them to protect the integrity of their businesses by reducing the threat of financial crime.

“We’ve seen first-hand the compelling benefits that ComplyAdvantage offers across a range of Goldman Sachs Growth portfolio companies,” said James Hayward, Managing Director for Goldman Sachs Growth Equity. “The company brings clear value to its clients and has grown at an impressive rate. We are excited to support the business as it continues to scale rapidly and help companies of all stages manage these critical risks.”

“Financial services innovation is the catalyst for massive business transformation. Companies need a hyper-scale AML and risk solution as a financial crime deterrent,” said Charles Delingpole, founder and CEO of ComplyAdvantage. “Goldman Sachs is a great partner for ComplyAdvantage because they recognize the power of intelligent AML and risk detection not only to fortify businesses but also to help them introduce new services to market with greater confidence and integrity.”

Use of groundbreaking technology to review and screen the transactions

The unparalleled acceleration of digital transformation supports the rapid growth of fintech and corporates. Which demands a trustworthy partner who can keep pace with innovation and market opportunities in the compliance space. Increased volume, velocity and complexity of financial crimes are not suitable to trace with manual batch data review and analysis most of the time.

It required an intelligent approach to AML and risk mitigation using massive amounts of data that are contextualized with machine learning logic to deliver insights with greater accuracy in real-time and at scale. ComplyAdvantage’s hyper-scale AML and risk detection technology does exactly that, so the data never grows stale. Companies future proof their risk management solution and can grow with confidence.

Founded by Charles Delingpole in 2014, the company has four global hubs located in New York, London, Singapore, and Cluj-Napoca.

ComplyAdvantage offers a true hyperscale financial risk insight and AML data solution that leverages machine learning and natural language processing to help regulated organisations to manage their risk obligations and prevent financial crime. The company’s proprietary database is derived from millions of data points that provide dynamic, real-time insights across sanctions, watchlists, politically exposed persons, and negative news. This reduces dependence on manual review processes and legacy databases by up to 80% and improves how companies screen and monitor clients and transactions.