Anti-financial crime platform Mimiro raises over £22m in Series B funding
Data intelligence firm Mimiro, the company behind a machine-learning platform for analysing the risk of financial crime, has raised $30m (c.£22.8m) from investors.
London- and San Francisco-based venture capital firm Index Ventures led the Series B round, which drew participation from existing investor Balderton Capital.
Mimiro, formerly ComplyAdvantage, works to help companies make intelligent risk decisions more quickly, providing data intelligence to help them understand the risk of those with whom they are doing business.
Its self-improving algorithms absorb and scour millions of structured and unstructured data sources daily to build a snapshot of an entity’s risk in real-time.
Today, Mimiro is partnered with more than 350 customers in over 45 countries and employs a team of 160 people at offices in New York, London, Singapore and Cluj.
Mimiro’s chief exec and founder, Charles Delingpole, who previously founded MarketInvoice, said: “We exist because globalisation is intensifying the business problems of trust.
“To offset concerns, many businesses can be hyper-cautious and conservative, losing out on commercial opportunities – in some cases abandoning entire countries or industries.”
Index Ventures partner Jan Hammer has joined the Mimiro board following the investment.
Mr Hammer commented: “Historically, financial crime tends to run ahead of the means of catching it; remedies have been reactive.
“Today, the problems are getting bigger, the risks and the penalties are more severe, and the old system can’t cope. Mimiro has a completely new approach, giving companies the power to get a fast, sophisticated understanding of where their risks lie.”
He continued: “We’ve been impressed by their traction with a wide range of customers, including their capacity to attract some of the world’s largest banks. The bigger vision – to get a complete picture of risk for all people and companies globally – has real potential to shake up the market.”
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