ComplyAdvantage nabs $50M for an AI platform and database to detect and stop financial crime – TechCrunch

The growth of digital banking has opened up a wealth of opportunities for making the world of finance more accessible and transparent to a greater number of people. But the darker underbelly is that it has also created more avenues for illicit activity to flourish, with some $2 trillion laundered annually but only 1-3% of that sum "caught". To help combat that, a London-based startup called ComplyAdvantage, which has built an AI platform and wider database of some 10 million entities to help identify and track those involved in financial crime, is today announcing a growth round of funding of $50 million expand its reach and operations. Specifically, the plan will be to use the funding for hiring, to invest in the tools it uses to detect entities and map the relationships between them, and to bring on more clients. "We've been focused on more granular analysis and being able to scale to hundreds of millions of searches across our database," said Charles Delingpole, founder and CEO, said in an interview.