ComplyAdvantage explained

COMPLYADVANTAGE
Type:Private
Industry:KYC, KYB, Transaction Monitoring, Payment Screening, Fraud Detection
Num Employees:465 (October, 2022)
Founder:Charles Delingpole
Location City:London, UK

ComplyAdvantage, founded in 2014, is a RegTech company that provides software to help detect and manage risks associated with AML and Fraud.[1] The company uses artificial intelligence, machine learning and natural language processing to help regulated organisations manage risk obligations and counteract financial crime.[2] [3]

History

ComplyAdvantage was founded in London, United Kingdom, in 2014 by Charles Delingpole. The company was initially set up as a RegTech solutions provider for businesses to comply with anti-money laundering (AML) and counter financing of terrorism (CFT) requirements.[4] [5] [6] Prior to this, in 2002, Delingpole founded The Student Room, an online community for students based in the United Kingdom. He sold the company in 2006 and then founded MarketFinance, a FinTech company, alongside Anil Stocker and Ilya Kondrashov, in 2011.[7] [8] [9] [10]

The company has acquired a total of $88.2 million through three series of venture capital funding.[11] In October 2016, the company raised $8.2 million Series A funding.[12] [13] It then raised $30 million in Series B and $50 million in Series C in January 2019 and July 2020, respectively.[14] The funding rounds were led by Balderton Capital, Index Ventures, and Ontario Teacher's Pension Plan board.[11] [15] [16]

In 2019, ComplyAdvantage received the Best RegTech Solution award at Finovate.[17] [18] The company was named a Technology Pioneer by World Economic Forum in 2020.[19] It was ranked 87th on Financial Times list of Europe's 1000 fastest growing companies.[20]

ComplyAdvantage was one of six British FinTech companies chosen by the Department of International Trade (DIT) for its third mission to Finnosummit, an international financial technology conference that takes place in Latin America.[21]

In 2022, Vatsa Narasimha was promoted to the position of CEO[22] with Charles Delingpole moving to the role of Executive Chairman.

In 2024, ComplyAdvantage acquired knowledge graph startup Golden Recursion Inc.[23]

Services

The funding was used by ComplyAdvantage to introduce new services and set up offices in the United States, Singapore, and Romania.[24] [1] [25] [26] [27] As of 2020, the company offers AML onboarding and monitoring, AML transaction monitoring, payment screening, and politically exposed persons (PEPs) and adverse media screening.[28] [29] [30] ComplyAdvantage also offers real-time sanctions and watch list screening using global lists maintained by the Office of Foreign Assets Control (OFAC), European Union (EU), United Nations (UN), Department of Foreign Affairs and Trade (DFAT), and other governmental, law enforcement, and regulatory databases.[31] [32] [33] [34]

Partnerships

In 2020, sync., an open banking platform, partnered with ComplyAdvantage to integrate its AML and anti-fraud features in their mobile application.[35] Kompli-Global also entered into a strategic partnership with ComplyAdvantage in 2020 to include its real-time sanctions and PEP screening features in its remote corporate onboarding platform, Kompli-QED.[36] [37] [38]

See also

Notes and References

  1. Web site: Regtech start-up doubles staff, opens London and New York offices. 2021-01-08. AltFi. 6 August 2019 . en.
  2. Web site: 2019-09-27. Regtech Startups at Lendit Europe 2019 : Onfido and ComplyAdvantage Have Big Plans. 2021-01-08. Crowdfund Insider.
  3. Web site: Burroughs. Callum. This London fintech aims to become the worst enemy of money-laundering terrorists and oligarchs. 2021-01-08. Business Insider.
  4. Web site: 2019-03-21. Jumio and ComplyAdvantage Launch Anti-Money Laundering Solution. 2021-01-08. FindBiometrics. en-US.
  5. Web site: ComplyAdvantage nabs $50M for an AI platform and database to detect and stop financial crime . 2021-01-08 . TechCrunch . 28 July 2020 . en-US.
  6. Web site: Scammers gonna scam: Covid-19 and cybercrime The Fintech Times. 23 April 2020. 2021-01-08. en-GB.
  7. Web site: 2019-02-07. Charles Delingpole on how banking job helped mould entrepreneurial skills. 2021-01-08. NS Business. en-US.
  8. Web site: Fintech Founders: Where are they now?. 2021-01-08. AltFi. 24 July 2020 . en.
  9. Web site: How to radically change finance through startups at TechCrunch Disrupt Berlin. 2021-01-08. TechCrunch. en-US.
  10. Web site: Armitage. Jim. 2020-06-18. Tech tycoons weigh in to back our Spirit of London Kickstart Fund. 2021-01-08. www.standard.co.uk. en.
  11. Web site: July 2020. 31st. 2020-07-31. ComplyAdvantage raises $50m in Series C funding. 2021-01-08. FinTech Futures. en-GB.
  12. Web site: 2019-01-30. Former Marketinvoice boss raises $30m for fintech startup Complyadvantage, backed by Index and Balderton. 2021-01-08. CityAM. en-GB.
  13. Web site: ComplyAdvantage raises $8.2M Series A to help firms manage compliance. 2021-01-08. TechCrunch. en-US.
  14. Web site: ComplyAdvantage raises $50M in Series C funding round. 2021-01-08. IT PRO. 28 July 2020 . en.
  15. Web site: 2019-01-30. Mimiro raises $30 million for its financial crime-fighting platform. 2021-01-08. VentureBeat. en-US.
  16. Web site: 2020-07-30. Deals of the week July 23–30 – Growth Business roundup. 2021-01-08. Growth Business. en-GB.
  17. Web site: Agency. William Mills. Finovate Fall 2019 Recap – Fintech Trends, "Best of Show" and the Inaugural Finovate Awards. 2021-01-08. www.williammills.com. en-us.
  18. Web site: 2019-08-30. Who are the six firms representing UK fintech at Mexico trade summit?. 2021-01-08. NS Banking. en-US.
  19. Web site: Earley. Kelly. 2020-09-10. 7 fintech start-ups pioneering in the sector. 2021-01-08. Silicon Republic. en.
  20. Web site: 2020-03-04. ComplyAdvantage Named Europe's 6th Fastest Growing Fintech Company and Top 100 Global AI Company by FT and CB Insights. 2021-01-08. AiThority. en-US.
  21. Web site: UK FinTech companies announced for trade mission to Latin America. 2021-01-08. GOV.UK. en.
  22. Web site: ComplyAdvantage promotes Vatsa Narasimha to CEO. financefeeds.com. en.
  23. Web site: Matthewson . Amelia . 2024-04-24 . ComplyAdvantage Acquires Golden for AI Growth . 2024-05-10 . fintechmagazine.com . en.
  24. Web site: 2020-08-21. Regtech Firm Eyes APAC Growth. 2021-01-08. finews.asia. en-gb.
  25. Web site: 2019-03-22. Founder of London AI business eyes IPO. 2021-01-08. BusinessCloud. en-US.
  26. Web site: 2020-03-27. 'We're losing fight against financial crime'. 2021-01-08. BusinessCloud. en-US.
  27. Web site: 2020-09-17. Top 5 RegTech companies trending in the European market. 2021-01-08. IBS Intelligence. en-US.
  28. Web site: 2020-10-14. ACA Compliance Group enhances its AML solution to meet KYC and CIP regulations. 2021-01-08. Help Net Security. en-US.
  29. Web site: Challenger bank accessing latest anti-money laundering technology through fintech. 2021-01-08. ComputerWeekly.com. en.
  30. Web site: Linker 5. OakNorth Bank, leading UK bank, partners with innovative AML provider, ComplyAdvantage. 8 October 2020 . 2021-01-08. en-GB.
  31. Web site: Kahn. Jeremy. 2016-10-14. UK start-up ComplyAdvantage uses AI to speed up financial compliance. 2021-01-08. mint. en.
  32. Web site: ComplyAdvantage expands into Asia-Pacific with Singapore office. 2021-01-08. www.theasset.com. en.
  33. News: Cook. James. 2020-07-28. British start-up that uses AI to fight financial crime raises $50m. en-GB. The Telegraph. 2021-01-08. 0307-1235.
  34. Web site: Mar 19. Burt. 2019 Chris. 2019-03-19. Jumio partners with ComplyAdvantage to offer automated anti-money laundering screening Biometric Update. 2021-01-08. www.biometricupdate.com. en-US.
  35. Web site: sync. partners with ComplyAdvantage to integrate the regtech's software with its platform. 2021-01-08. AltFi. 27 August 2020 . en.
  36. Web site: Peyton -. Antony. 2020-04-29. Kompli-Global and ComplyAdvantage join forces to fight fraudsters. 2021-01-08. Fintech Direct. en-GB.
  37. Web site: Kompli-Global, ComplyAdvantage form regtech alliance. 2021-01-08. thepaypers.com. en.
  38. Web site: Digest. Anti-Corruption. 2020-04-30. Kompli-Global & ComplyAdvantage to combat fraud and money laundering Anti Corruption Digest. 2021-01-08. en-US.

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