ComplyAdvantage

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COMPLYADVANTAGE
Company typePrivate
IndustryKYC, KYB, Transaction Monitoring, Payment Screening, Fraud Detection
Founded2014; 10 years ago (2014)
FounderCharles Delingpole
Headquarters
London, UK
Number of employees
Increase465 (October, 2022)
Websitewww.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]

History[edit]

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.

Services[edit]

The funding was used by ComplyAdvantage to introduce new services and set up offices in the United States, Singapore, and Romania.[23][1][24][25][26] As of 2020, the company offers AML onboarding and monitoring, AML transaction monitoring, payment screening, and politically exposed persons (PEPs) and adverse media screening.[27][28][29] 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.[30][31][3][32][33]

Partnerships[edit]

In 2020, sync., an open banking platform, partnered with ComplyAdvantage to integrate its AML and anti-fraud features in their mobile application.[34] 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.[35][36][37]

See also[edit]

References[edit]

  1. ^ a b "Regtech start-up doubles staff, opens London and New York offices". AltFi. 6 August 2019. Retrieved 2021-01-08.
  2. ^ "Regtech Startups at Lendit Europe 2019 : Onfido and ComplyAdvantage Have Big Plans". Crowdfund Insider. 2019-09-27. Retrieved 2021-01-08.
  3. ^ a b Burroughs, Callum. "This London fintech aims to become the worst enemy of money-laundering terrorists and oligarchs". Business Insider. Retrieved 2021-01-08.
  4. ^ "Jumio and ComplyAdvantage Launch Anti-Money Laundering Solution". FindBiometrics. 2019-03-21. Retrieved 2021-01-08.
  5. ^ "ComplyAdvantage nabs $50M for an AI platform and database to detect and stop financial crime". TechCrunch. 28 July 2020. Retrieved 2021-01-08.[permanent dead link]
  6. ^ "Scammers gonna scam: Covid-19 and cybercrime | The Fintech Times". 23 April 2020. Retrieved 2021-01-08.
  7. ^ "Charles Delingpole on how banking job helped mould entrepreneurial skills". NS Business. 2019-02-07. Retrieved 2021-01-08.
  8. ^ "Fintech Founders: Where are they now?". AltFi. 24 July 2020. Retrieved 2021-01-08.
  9. ^ "How to radically change finance through startups at TechCrunch Disrupt Berlin". TechCrunch. Retrieved 2021-01-08.
  10. ^ Armitage, Jim (2020-06-18). "Tech tycoons weigh in to back our Spirit of London Kickstart Fund". www.standard.co.uk. Retrieved 2021-01-08.
  11. ^ a b July 2020, 31st (2020-07-31). "ComplyAdvantage raises $50m in Series C funding". FinTech Futures. Retrieved 2021-01-08.{{cite web}}: CS1 maint: numeric names: authors list (link)
  12. ^ "Former Marketinvoice boss raises $30m for fintech startup Complyadvantage, backed by Index and Balderton". CityAM. 2019-01-30. Retrieved 2021-01-08.
  13. ^ "ComplyAdvantage raises $8.2M Series A to help firms manage compliance". TechCrunch. Retrieved 2021-01-08.
  14. ^ "ComplyAdvantage raises $50M in Series C funding round". IT PRO. 28 July 2020. Retrieved 2021-01-08.
  15. ^ "Mimiro raises $30 million for its financial crime-fighting platform". VentureBeat. 2019-01-30. Retrieved 2021-01-08.
  16. ^ "Deals of the week July 23–30 – Growth Business roundup". Growth Business. 2020-07-30. Retrieved 2021-01-08.
  17. ^ Agency, William Mills. "Finovate Fall 2019 Recap – Fintech Trends, "Best of Show" and the Inaugural Finovate Awards". www.williammills.com. Retrieved 2021-01-08.
  18. ^ a b "Who are the six firms representing UK fintech at Mexico trade summit?". NS Banking. 2019-08-30. Retrieved 2021-01-08.
  19. ^ Earley, Kelly (2020-09-10). "7 fintech start-ups pioneering in the sector". Silicon Republic. Retrieved 2021-01-08.
  20. ^ "ComplyAdvantage Named Europe's 6th Fastest Growing Fintech Company and Top 100 Global AI Company by FT and CB Insights". AiThority. 2020-03-04. Retrieved 2021-01-08.
  21. ^ "UK FinTech companies announced for trade mission to Latin America". GOV.UK. Retrieved 2021-01-08.
  22. ^ "ComplyAdvantage promotes Vatsa Narasimha to CEO". financefeeds.com.
  23. ^ "Regtech Firm Eyes APAC Growth". finews.asia. 2020-08-21. Retrieved 2021-01-08.
  24. ^ "Founder of London AI business eyes IPO". BusinessCloud. 2019-03-22. Retrieved 2021-01-08.
  25. ^ "'We're losing fight against financial crime'". BusinessCloud. 2020-03-27. Retrieved 2021-01-08.
  26. ^ "Top 5 RegTech companies trending in the European market". IBS Intelligence. 2020-09-17. Retrieved 2021-01-08.
  27. ^ "ACA Compliance Group enhances its AML solution to meet KYC and CIP regulations". Help Net Security. 2020-10-14. Retrieved 2021-01-08.
  28. ^ "Challenger bank accessing latest anti-money laundering technology through fintech". ComputerWeekly.com. Retrieved 2021-01-08.
  29. ^ Linker 5 (8 October 2020). "OakNorth Bank, leading UK bank, partners with innovative AML provider, ComplyAdvantage". Retrieved 2021-01-08.{{cite web}}: CS1 maint: numeric names: authors list (link)
  30. ^ Kahn, Jeremy (2016-10-14). "UK start-up ComplyAdvantage uses AI to speed up financial compliance". mint. Retrieved 2021-01-08.
  31. ^ "ComplyAdvantage expands into Asia-Pacific with Singapore office". www.theasset.com. Retrieved 2021-01-08.
  32. ^ Cook, James (2020-07-28). "British start-up that uses AI to fight financial crime raises $50m". The Telegraph. ISSN 0307-1235. Retrieved 2021-01-08.
  33. ^ Mar 19; Burt, 2019 | Chris (2019-03-19). "Jumio partners with ComplyAdvantage to offer automated anti-money laundering screening | Biometric Update". www.biometricupdate.com. Retrieved 2021-01-08.{{cite web}}: CS1 maint: numeric names: authors list (link)
  34. ^ "sync. partners with ComplyAdvantage to integrate the regtech's software with its platform". AltFi. 27 August 2020. Retrieved 2021-01-08.
  35. ^ Peyton -, Antony (2020-04-29). "Kompli-Global and ComplyAdvantage join forces to fight fraudsters". Fintech Direct. Retrieved 2021-01-08.
  36. ^ "Kompli-Global, ComplyAdvantage form regtech alliance". thepaypers.com. Retrieved 2021-01-08.
  37. ^ 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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