Data intelligence firm Mimiro has raised £22.8 million in funding from investors who believe it has “real potential to shake up the market”.
London-based Mimiro has developed a machine-learning platform for analysing the risk of financial crime.
The firm, which has rebranded from ComplyAdvantage, featured on our list of ‘101 FinTech Disrupters’ last year.
It helps companies make intelligent risk decisions more quickly. Its self-improving algorithms absorb and scour millions of structured and unstructured data sources daily to build a snapshot of an entity’s risk in real-time.
Mimiro has already partnered with more than 350 customers in over 45 countries and employs 160 people at offices in New York, London, Singapore and Cluj.
It has seen 300 per cent revenue growth in the past 12 months and has rapidly expanded in the US, having signed its 100th customer.
London- and San Francisco-based venture capital firm Index Ventures led the Series B round, which drew participation from existing investor Balderton Capital.
CEO and founder Charles Delingpole previously founded MarketInvoice, which recently secured £56m in new funding to expand its presence in the UK market.
“We exist because globalisation is intensifying the business problems of trust,” said Delingpole.
“To offset concerns, many businesses can be hyper-cautious and conservative, losing out on commercial opportunities – in some cases abandoning entire countries or industries.”
Index Ventures partner Jan Hammer has joined the Mimiro board following the investment.
He said: “Historically, financial crime tends to run ahead of the means of catching it; remedies have been reactive.
“Today, the problems are getting bigger, the risks and the penalties are more severe, and the old system can’t cope. Mimiro has a completely new approach, giving companies the power to get a fast, sophisticated understanding of where their risks lie.
“We’ve been impressed by their traction with a wide range of customers, including their capacity to attract some of the world’s largest banks. The bigger vision – to get a complete picture of risk for all people and companies globally – has real potential to shake up the market.”