Elliptic, a London, UK-based provider of cryptoasset risk management solutions, received a $5m investment from Wells Fargo Strategic Capital, which has joined its Series B funding round bringing the total amount raised to over $28m.
WFSC joined SBI Group and Santander InnoVentures.
The company intends to use the funds to accelerate its expansion in Asia, and to accelerate the roll out of a new risk management solution for financial institutions, called Elliptic Discovery.
Founded in 2013 and led by CEO James Smith, Elliptic provides a cryptoasset transaction monitoring and investigations software platform, which enables clients to investigate and detect illicit activity in digital currencies and to help financial institutions, digital wallets and payments companies to detect improper use of cryptocurrencies. Its suite of solutions is used by over 100 clients worldwide to enhance the visibility and improve management of financial crime risk when identifying crypto-linked transactions. These companies use Elliptic to screen billions of dollars in transactions every day and to analyse them for links to illicit activity including money laundering, terrorist financing, sanctions evasion, and other financial crimes. The company also has offices in New York, Singapore, and Tokyo.