ComplyAdvantage, a technology company focused on detecting and preventing financial crime, is closing a US$50 million series C round of funding that was led by the Ontario Teachers’ Pension Plan.
The Ontario Teachers’ is investing through its Teachers’ Innovation Platform, which makes late-stage venture and growth equity investments in companies that use disruptive technology. The investment bring’s the ComplyAdvantage’s funding to US$88 million, with existing investors Index Ventures and Balderton Capital also participating in the latest round of funding.
“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 for TIP, at Ontario Teachers’, in a press release. “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.”
ComplyAdvantage uses machine learning and natural language processing with the aim of optimizing how financial institutions manage their risk obligations and prevent financial crime.