Goldman Sachs has invested $20m in financial crime detection company ComplyAdvantage as part of the company’s extended Series C funding round.
The investment brings the total amount raised by ComplyAdvantage to $70m, after securing $50m in its original Series C round announced in July 2020. Goldman Sachs joins investors including the Ontario Teachers’ Pension Plan Board, Index Ventures, and Balderton Capital.
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ComplyAdvantage plans to use the capital to further its capabilities in helping companies manage the evolving risks around AML, KYC processes and broader financial crime.
Charles Delingpole, founder and CEO of ComplyAdvantage, said: “Financial services innovation is the catalyst for massive business transformation. Companies need a hyper-scale AML and risk solution as a financial crime deterrent.
“Goldman Sachs is a great partner for ComplyAdvantage because they recognise 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.”
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By GlobalDataComplyAdvantage portfolio
ComplyAdvantage has recently added a range of financial companies to its portfolio, including US crypto exchange Gemini, Australian payment app Beem It, and UK challenger OakNorth Bank.
The company also launched a new programme called ComplyLaunch, which enables startups to access its AML tools and education services for free.
James Hayward, managing director for Goldman Sachs Growth Equity, said: “We’ve seen first-hand the compelling benefits that ComplyAdvantage offers across a range of Goldman Sachs Growth portfolio companies.
“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.”
ComplyAdvantage’s solution uses machine learning and natural language processing to help regulated organisations 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.
According to ComplyAdvantage, this reduces dependence on manual review processes and legacy databases by up to 80% and improves how companies screen and monitor clients and transactions.
