ComplyAdvantage has announced it will rebrand itself to Mimiro during the coming weeks, a move that coincides with a US$30 million Series B round led by Index Ventures with participation from the company's lead Series A investor, Balderton Capital. The round brings the company's total funding to $38.2 million.
ComplyAdvantage, which has offices in London, uses machine learning-powered artificial intelligence to identify and tackle fraud, specifically terrorist financing and global financial crime. This enables compliance teams to know who they're doing business with, make decisions faster and be more informed about every aspect of those decisions -- because like many things in tech, much of compliance is data-driven, meaning AI can do the job more efficiently, and with better results, than humans in many cases.
The company was founded by CEO Charles Delingpole in 2014 after he left MarketInvoice, another startup he co-founded. The company opened an office in New York City in 2017 and Delingpole is now based there full time. The company has 160 employees based in New York City, Singapore, London and Cluj-Napoca in Romania and has tripled its revenue in the last 12 months. (See Fintech Scaleup MarketInvoice Raises £26M.)
In his blog post announcing the funding round and rebrand, Delingpole said: "I would like to personally thank all of our clients for partnering with us over the last few years, and for taking the next steps with us on this journey. The funding will allow us to accelerate the development of our solutions and enable us to more rapidly scale our operations across the globe."
"We now have 160 experts working on building the new data infrastructure that will transform how companies handle and manage financial crime and counterparty risk, and we are excited to see growing numbers of users take advantage of this platform now and in the future."
He finished by commenting on the upcoming rebrand: "Our new name and visual identity gives us the opportunity to redefine who we are as a company. Over the next couple of weeks we will be transitioning to our new brand, Mimiro, including a new website and fresh look and feel for our platform."