We’re delighted to announce ComplyAdvantage has raised USD $30 million to accelerate the global expansion of its machine-learning platform for analysing the risk of financial crime. We led the company’s Series A round in 2016 and also participated in this round, which was led by Index Ventures.

By swiftly and intelligently verifying parties and transactions, ComplyAdvantage offers organisations greater confidence in their own operations, attacking financial crime and reducing laborious manual checks.

While financial crime and ‘know your customer’ rules are ComplyAdvantage’s near-term focus, the company is building a comprehensive global repository that provides an instant, accurate risk profile for every commercial entity and individual in the world.

Companies often spend hundreds of billions of dollars each year trying to understand who they’re doing business with, but typically rely on ineffective solutions that generate large amounts of manual work, and are beset with false positives which divert attention from genuine red flags.

ComplyAdvantage solves the problem by using innovative deep learning and machine intelligence. The company’s self-improving algorithms scour millions of structured and unstructured data sources daily – building a snapshot of an entity’s risk in real-time, and spotting patterns that would elude a human assessor. On average, ComplyAdvantage reduces the rate of false positives by 70 per cent.

For more information read:

• Suranga Chandratillake’s Medium post on whyComplyAdvantage is the financial industry’s knight in Machine Learning armour
• Charlie Delingpole’s blog on the fundraise