Former Marketinvoice boss raises $30m for fintech startup Complyadvantage, backed by Index and Balderton
The fintech startup formed by the co-founder and former chief executive of London firm Marketinvoice has closed a $30m (£22.8m) funding round today, backed by Revolut investors Index Ventures and Balderton Capital.
Complyadvantage uses artificial intelligence to analyse the risk of financial crime for some of the world’s largest banks. The startup will use the funding to build a global database of risk profiles for every commercial entity and individual in the world.
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Index has previously backed the likes of Just Eat, Skype and Slack. Balderton, an existing investor in Complyadvantage, has funded firms such as Citymapper, Crowdcube and Zopa.
Complyadvantage boss Charles Delingpole said: “We exist because globalisation is intensifying the business problems of trust. To offset concerns, many businesses can be hyper-cautious and conservative, losing out on commercial opportunities – in some cases abandoning entire countries or industries.”
Index partner Jan Hammer said the venture capital firm believes Complyadvantage’s bigger vision of a complete picture of global risk “has real potential to shake up the market”.
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The funding follows on from Complyadvantage’s series A fundraise at $8.2m, and takes its total funding to date to nearly $40m.
With offices in London, New York, Singapore and Cluj, Complyadvantage has over 350 clients in 45 countries across the US, Europe and Asia.