ComplyAdvantage, a London, UK-based company leveraging artificial intelligence and machine learning to enable firms to manage compliance obligations and reduce costs, raised $8.2m in Series A funding.
The round was led by Balderton Capital.
The company intends to use the funds for growth, product penetration increase across Europe and North America, with the New York office officially opening this week.
Led by founder Charles Delingpole, ComplyAdvantage provides a platform for companies to make intelligent choices when complying with regulations relating to sanctions, money laundering (AML), terrorist financing (CFT), bribery and corruption. Its proprietary database of individuals, organizations and associated entities, which leverages artificial intelligence, machine learning and big data analytics combined with a tailored risk-based approach, creates structured profiles of high risk individuals, companies and their associates based on the very latest data and provides dynamic real-time insight into financial crime risks.
The company’s solutions cover 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 behaviours.
Founded in 2014, ComplyAdvantage has offices in Cluj, Romania, and now in New York, USA. It works with some 200 clients in the financial markets and other regulated and high-risk sectors.