Goldman Sachs Growth Equity has backed ComplyAdvantage, a global data technology company transforming financial crime detection.
The investment is an extension to the London-headquartered RegTech’s oversubscribed Series C funding announced in July 2020, and takes the round to £50 million.
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 the 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 US crypto exchange Gemini, the Australian payment app Beem It and UK challenger bank OakNorth.
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.”
Charles Delingpole, founder and CEO of ComplyAdvantage, added: “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 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.
ComplyAdvantage says it brings an intelligent approach to AML and risk mitigation using massive amounts of data contextualised with machine learning logic to deliver insights with greater accuracy in real-time and at scale.