London based compliance startup ComplyAdvantage has raised $8.2m in Series A funding led by Balderton Capital. Comply advantage uses machine learning and artificial intelligence to help firms manage compliance obligations and at reduced cost. They plan to use the funding to expand growth across Europe and the United States.
Founded by Charles Delingpole, who previously founded Market Invoice, ComplyAdvantage originally launched to help a small number of businesses meet complex anti-money laundering (AML) and counter financing of terrorism (CFT) requirements. It has since developed its product to also cover things like Politically Exposed Persons (PEPs) lists and other risk and compliance areas that are hard to scale. “The way organisations screen and monitor their customer relationships to comply with sanctions regulations and prevent money laundering and terrorist financing risk is fundamentally broken,” ComplyAdvantage VP of Sales & Marketing Stephen Ball tells me over email. “ComplyAdvantage is here to help compliance and risk professionals fix it”.