Fintech startup Complyadvantage has closed a $50m series C round, as it seeks to disrupt the way global banks tackle financial crime.
The round was led by the Ontario Teachers’ Pension Plan Board, which has CA$207.4bn in net assets. It made the investment through its innovation arm, which invests in late-stage tech companies.
Existing investors including early Facebook backer Index Ventures and London’s Balderton Capital also participated in the round.
Complyadvantage uses artificial intelligence to help banks calculate the risk of financial crime and prevent it before it happens, using a real-time database that watches hotspots such as most wanted lists, sanctions and news to track criminals.
“Ontario Teachers’ deep experience and credibility with global financial institutions made them a natural choice to lead the round,” said Charles Delingpole, founder and chief executive of Complyadvantage.
“This funding allows us to accelerate the development of our industry-leading data and suite of products to serve institutions with diverse clients and complex risk exposure.”
The Ontario Teachers’ Pension Plan Board has previously backed a number of UK airports, satellite giant Inmarsat and billionaire Elon Musk’s SpaceX.
Meanwhile Delingpole is a co-founder and former chief executive of London fintech firm Marketfinance, which counts Barclays and Santander among its investors.
“Complyadvantage offers mission-critical technology solutions for combating financial crime and keeping pace with an ever-evolving regulatory landscape,” said Olivia Steedman, senior managing director of Ontario Teachers’ innovation unit TIP.
“The company is well positioned to continue its rapid growth as its powerful technology platform transforms the compliance and risk management process for its clients.”