Startup Uses A.I. to Speed Up Financial Compliance
- Balderton Capital leads funding round for ComplyAdvantage
- System scouts databases, reads news for signs of trouble
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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.