ComplyAdvantage, a RegTech which provides financial crime solutions, has received an investment from the growth equity team at Goldman Sachs Asset Management.
The investment tops up the RegTech’s latest Series C funding round to $70 million.
The London-based company, founded in 2014, has over 200 employees worldwide and provides services in 70 countries.
The RegTech’s clients include US crypto exchange Gemini, the Australian payment app Beem It, and UK challenger bank OakNorth.
Existing investors in the company include Ontario Teachers’ Pension Plan Board, Index Ventures, and Balderton Capital.
The company said it will use this new investment to build on the growth it has experienced to date and to improve its position as a supplier to companies managing anti-money laundering (AML), know your customer (KYC), and broader financial crime risk.
RegTech adoption continues to boom worldwide; the use of RegTech could cut the annual cost of compliance for Britain's top five banks by a combined total of £523 million - 0.05 per cent - according to a report by the City of London Corporation.
“Financial services innovation is the catalyst for massive business transformation. Companies need a hyper-scale AML and risk solution as a financial crime deterrent,” said Charles Delingpole, founder and chief executive of ComplyAdvantage. “Goldman Sachs Asset Management is a great partner for ComplyAdvantage because they recognise the power of intelligent
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