London startup fighting against financial crime with ML picks $70M from Goldman Sachs
UKTechNews, 21 May 2021
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.”
