A Guide to Anti-Money Laundering for Crypto Firms
ComplyAdvantage Extends Series C Round To $70 Million With New Goldman Sachs Investment
NEW YORK, LONDON, SINGAPORE MAY 20 2021 (BUSINESS WIRE)—
ComplyAdvantage, a global data technology company transforming financial crime detection, today announced a new investment by Goldman Sachs Growth Equity (“Goldman Sachs”). The terms of the transaction were not disclosed.
The investment is an extension to the company’s oversubscribed Series C funding announced in July 2020. 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.
ComplyAdvantage will use this new investment to build on the rapid growth it has experienced to date and cement its position as a critical part of the value chain for companies managing evolving risks around anti-money laundering (AML), know your customer (KYC) processes, and broader financial crime.
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 to 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.”
Due to the unprecedented acceleration of digital transformation, rapidly growing fintechs and corporates alike need a partner that can keep pace with innovation and market opportunities in the compliance space. Given the growing volume, velocity and complexity of financial crimes, the traditional methods of human analysts reviewing batched data are no longer viable in many cases.
Instead, what’s needed is an intelligent approach to AML and risk mitigation using massive amounts of data that’s 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.
ComplyAdvantage offers a true hyperscale financial risk insight and AML data solution that leverages machine learning and natural language processing to help regulated organizations 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.
About Goldman Sachs Growth Equity
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Growth is the dedicated growth equity team within Goldman Sachs, with over 25 years of investing history, over $8 billion of assets under management, and 9 offices globally. To read more, visit: https://growth.gs.com/homepage.html
ComplyAdvantage is the financial industry’s leading source of AI-driven financial crime risk data and detection technology. ComplyAdvantage’s mission is to neutralize the risk of money laundering, terrorist financing, corruption, and other financial crime. More than 500 enterprises in 75 countries rely on ComplyAdvantage to understand the risk of who they’re doing business with through the world’s only global, real-time database of people and companies. The company actively identifies tens of thousands of risk events from millions of structured and unstructured data points every single day.
ComplyAdvantage has four global hubs located in New York, London, Singapore and Cluj-Napoca and is backed by Goldman Sachs Growth Equity, Ontario Teachers’, Index Ventures and Balderton Capital. Learn more at complyadvantage.com.