Mimiro, an artificial intelligence (AI) anti-financial crime startup, has raised $30 million to fund the expansion of its machine learning platform aimed at tackling terrorist funding, money laundering and fraud.

The Series B funding round for Mimiro - formerly known as ComplyAdvantage - was led by Index Ventures, a London and San Francisco-based venture capital firm, joined in the round by existing investor Balderton Capital.

As part of the investment, Jan Hammer, partner at Index Ventures, who led the firm’s investments in Adyen and Robinhood, will the Mimiro board.

Hammer commented that historically, financial crime tends to run ahead of the means of catching it, so remedies have been reactive. “Today, the problems are getting bigger, the risks and the penalties are more severe, and the old system can’t cope – Mimiro has a completely new approach.”

The company’s platform analyses transactions and verifies the identities of parties to flag up potential cases of fraudulent or criminal transactions to compliance teams.

Its self-improving algorithms absorb and scour millions of structured and unstructured data sources – including registers of high-level national and international sanctions, individuals who should be treated with caution, and adverse media coverage.

Founded in 2014 by FinTech entrepreneur Charles Delingpole, Mimiro claims to have a growing list of 350 clients in 45 countries across the US, Europe and Asia, including major global banks.

Share Story: