Clouds are gathering over swaths of fintech companies, as falling economic growth, rising interest rates and a cost of living crisis put their business models under strain, forcing job cuts and valuation-crushing funding rounds. ComplyAdvantage founder Charlie Delingpole knows his company is not immune to those forces, as fintechs are among the biggest buyers of his financial crime prevention products. In fact, some clients, including crypto lender Celsius Network, have already gone bust. But the business -- which uses natural language processing and artificial intelligence (AI) to run compliance checks on transactions -- is proving more resilient than most, as Russia-related sanctions and a global clampdown on financial crime underpin healthy demand. "We're the last thing they turn off before their server," says Delingpole, a one-time JPMorgan Chase technology banker, of the enduring demand for his company's services from financial groups -- even when times are tight.

RegTech is the management of regulatory processes within the financial industry through technology. The main functions of RegTech include regulatory monitoring, reporting, and compliance. Europe is home to about 140 regtech startups- 30% of those startups specialize in compliance management, 27% focus on know your customer (KYC) and anti-money laundering (AML) automation, and 26% leverage technology and data to provide risk management tools, according to a data provided by XAnge, a Franco-German venture capital firm. London headquartered ComplyAdvantage is a RegTech company that leverages uses AI and ML to help firms manage compliance obligations. The company provides data intelligence to help firms understand the risk of who they're doing business with, while automating compliance and risk processes.

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.

A U.K. startup that uses artificial intelligence to help banks and other financial firms with anti-money laundering compliance received $8.2 million to fund its expansion in Europe and North America. The financing for London-based ComplyAdvantage is being lead by British venture capital firm Balderton Capital. The company, which said in a statement it has 200 clients globally, said it would use the money to expand its operations, adding to its current team of about 50 employees. It will also open a sales office in New York this week. Complying with the growing body of anti-money laundering and know-your-customer regulations around the world is becoming an expensive headache for financial institutions.

A "RegTech" startup that helps banks and insurance companies vet potential clients has raised 8.2 million ( 6.7 million) to expand to the US. London-based ComplyAdvantage has raised the sum from top European venture capital fund Balderton. The money will be put towards opening a New York office and expanding into the US. ComplyAdvantage uses machine learning and artificial intelligence technology to help finance firms do legal checks on clients to make sure they're not breaking any rules by dealing with them. Stephen Ball, VP of sales and marketing, told Business Insider: "We're focused around understanding the risk around people and companies you do business with. What we've built is an A.I. and machine learning thing under the radar for several years. It's a very difficult thing to do, we've invested millions in building our team and to monitor global data sources and build profiles of people who pose financial crime risk. "It could be because they're on sanction lists, it could be because they're on Interpol's watch list, they could be politically exposed, and we monitor the media as well.

A "RegTech" startup that helps banks and insurance companies vet potential clients has raised 8.2 million ( 6.7 million) to expand to the US. London-based ComplyAdvantage has raised the sum from top European venture capital fund Balderton. The money will be put towards opening a New York office and expanding into the US. ComplyAdvantage uses machine learning and artificial intelligence technology to help finance firms do legal checks on clients to make sure they're not breaking any rules by dealing with them. Stephen Ball, VP of sales and marketing, told Business Insider: "We're focused around understanding the risk around people and companies you do business with. What we've built is an A.I. and machine learning thing under the radar for several years. It's a very difficult thing to do, we've invested millions in building our team and to monitor global data sources and build profiles of people who pose financial crime risk. "It could be because they're on sanction lists, it could be because they're on Interpol's watch list, they could be politically exposed, and we monitor the media as well.

ComplyAdvantage, a new London-based startup, raked in 8.2 million in a Series A funding led by Balderton Capital. This money shall be pumped into growth across Europe and the U.S. Very quick to act, they're even opening a New York office this week! This startup claims to use artificial intelligence and machine learning to help firms manage compliance obligations at reasonable prices. Not only are they going to take on your headaches for you, they're also not going to extort you for it. ComplyAdvantage was founded by Charles Delingpole, who has also previously founded Market Invoice.