Charles Delingpole, ComplyAdvantage CEO and founder

ComplyAdvantage

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London-based fintech ComplyAdvantage has raised a $50 million Series C funding round from Ontario Teachers’ Pension Plan Board.The startup raised the funding virtually during the coronavirus pandemic.”We thought that when Covid hit and market collapsed, we wanted to raise a strong balance sheet,” Charles Delingpole, founder and CEO of ComplyAdvantage told Business Insider in an interview. “We have thousands of companies depending on us and if we don’t do our job perfectly then cartels and terrorists can run wild so we wanted a strong balance sheet to support our clients.”Visit Business Insider’s homepage for more stories. 

London-based compliance startup ComplyAdvantage has joined the growing list of British fintechs raising funding during the coronavirus pandemic. Alongside new raises by Monzo, Plum, Revolut, Moneybox, Wagestream, Starling Bank and others, ComplyAdvantage has raised a $50 million Series C round with the funding conducted entirely over video.ComplyAdvantage uses machine learning and natural language processing to help financial institutions and others manage their risk obligations and prevent financial crime.The fundraise was led by Ontario Teachers’ Pension Plan Board, one of the world’s largest pension plans with C$207.4 billion ($155 billion) in net assets, through its Teachers’ Innovation Platform (TIP), which focuses on late-stage tech investments. “We thought that when Covid hit and market collapsed, we wanted to raise a strong balance sheet,” Charles Delingpole, founder and CEO of ComplyAdvantage told Business Insider in an interview. “We have thousands of companies depending on us and if we don’t do our job perfectly then cartels and terrorists can run wild so we wanted a strong balance sheet to support our clients.”The startup raised the funding virtually during the coronavirus pandemic alongside existing investors Index Ventures and Balderton Capital. The round began as COVID-19 hit the UK, and closed just over a week and half ago, according to Delingpole. “When you get to Series C stage you have a different set of investors available and TIP has a strong reputation to maintain, they were extremely thorough on due diligence and legal checks,” Delingpole added. “The fund has great tech investments like SpaceX and is very global in its outlook. We’re very lucky to work with them and it helps us be able to grow company globally with them despite Covid.”The fresh funding takes ComplyAdvantage to $88 million in total funding having previously expanded to the US last year and made a number of senior hires. 

Check out ComplyAdvantage’s (redacted) Series C pitch deck below:

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