Compliance start-up ComplyAdvantage lands $8.2m Series A

Funding will enable Young Gun founded compliance company to fuel growth across Europe and US and open New York office

ComplyAdvantage, a compliance company, has raised $8.2m in Series A funding from Balderton Capital.

Founded by 2013 Young Gun Charles Delingpole, ComplyAdvantage uses machine learning to help small businesses comply with anti-money laundering (AML) and counter financing of terrorism (CFT) regulations, as well as politically exposed persons (PEPs) lists and other areas that expose them to risk.

The company claims to cover 14 languages across 190 countries and analyses five million articles daily

The finance will allow the company to accelerate expansion across Europe and the US, with a New York office set to open this week.

Speaking exclusively to TechCrunch, Stephen Ball, vice president of sales & marketing at ComplyAdvantage, commented: “The way organisations screen and monitor their customer relationships to comply with sanctions regulations and prevent money laundering and terrorist financing risk is fundamentally broken.

“ComplyAdvantage is at the forefront unleashing the power of artificial intelligence and money laundering to change the way compliance is done.”

Tim Bunting, general partner at Balderton Capital, added: “We believe that this is one of the few remaining large industries that is still ripe for digital disruption. We are thrilled to be backing Charles and his team, they are well on their way to changing the way companies can understand and monitor risk around their clients. Their mission is truly exciting, and relevant to all businesses.”

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