UK financial data analytics firm, Quantexa, has announced the closure of a £3.3 million Series A funding round led by HSBC and Albion Ventures.

The London-based startup will use the new capital to further accelerate its “product development and international expansion”.

Founded in 2016 by a team of software, data and advanced analytics experts, Quantexa currently uses big data analytics to tackle complex financial crime and data challenges within the financial services, corporate and public sectors.

The investment will enable Quantexa to further accelerate the development of its Entity Resolution and Network Analytics software. It will also be used to support Quantexa's international expansion, with new offices in Brussels, Sydney and New York opening throughout 2017.

Vishal Marria, CEO of Qunatexa, said: “Driving intelligence from internal and external data is a constant challenge organisations face. Our aim is to become the global leader in Entity Resolution and Network Analytics and are delighted to have successfully completed this round of investment with HSBC and Albion Ventures. We look forward to working closely with our new investors in making this aim a reality by supporting our clients and partners.”

Ray O'Brien, HSBC's global risk COO and head of global risk analytics, added: “HSBC is constantly striving to improve the way we detect and prevent financial crime, and we are keen to explore technologies which help us build on existing capabilities. Quantexa has developed powerful applications of network analytics to this field, and we look forward to being more closely associated with their future development.”

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