ComplyAdvantage

Last updated
COMPLYADVANTAGE
Company type Private
IndustryKYC, KYB, Transaction Monitoring, Payment Screening, Fraud Detection
Founded2014;10 years ago (2014)
FounderCharles Delingpole
Headquarters
London, UK
Number of employees
Increase2.svg465 (October, 2022)
Website www.complyadvantage.com

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]

Contents

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] [18]

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] [3] [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

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References

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  2. ↑ "Regtech Startups at Lendit Europe 2019 : Onfido and ComplyAdvantage Have Big Plans". Crowdfund Insider. 2019-09-27. Retrieved 2021-01-08.
  3. 1 2 Burroughs, Callum. "This London fintech aims to become the worst enemy of money-laundering terrorists and oligarchs". Business Insider. Retrieved 2021-01-08.
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  14. ↑ "ComplyAdvantage raises $50M in Series C funding round". IT PRO. 28 July 2020. Retrieved 2021-01-08.
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  22. ↑ "ComplyAdvantage promotes Vatsa Narasimha to CEO". financefeeds.com.
  23. ↑ Matthewson, Amelia (2024-04-24). "ComplyAdvantage Acquires Golden for AI Growth". fintechmagazine.com. Retrieved 2024-05-10.
  24. ↑ "Regtech Firm Eyes APAC Growth". finews.asia. 2020-08-21. Retrieved 2021-01-08.
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  35. ↑ "sync. partners with ComplyAdvantage to integrate the regtech's software with its platform". AltFi. 27 August 2020. Retrieved 2021-01-08.
  36. ↑ Peyton -, Antony (2020-04-29). "Kompli-Global and ComplyAdvantage join forces to fight fraudsters". Fintech Direct. Retrieved 2021-01-08.
  37. ↑ "Kompli-Global, ComplyAdvantage form regtech alliance". thepaypers.com. Retrieved 2021-01-08.
  38. ↑ Digest, Anti-Corruption (2020-04-30). "Kompli-Global & ComplyAdvantage to combat fraud and money laundering | Anti Corruption Digest" . Retrieved 2021-01-08.
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