Portfolio

Mimiro (formerly Comply Advantage) raises $30 million to tackle terrorist funding, money-laundering and fraud

JAN 30, 2019

We’re delighted to announce that Mimiro (formerly ComplyAdvantage) has raised USD $30 million to accelerate the global expansion of its machine-learning platform for analysing the risk of financial crime. We led the company’s Series A round in 2016 and also participated in this round, which was led by Index Ventures.

By swiftly and intelligently verifying parties and transactions, Mimiro offers organisations greater confidence in their own operations, attacking financial crime and reducing laborious manual checks.

While financial crime and ‘know your customer’ rules are Mimiro’s near-term focus, the company is building a comprehensive global repository that provides an instant, accurate risk profile for every commercial entity and individual in the world.

Companies often spend hundreds of billions of dollars each year trying to understand who they're doing business with, but typically rely on ineffective solutions that generate large amounts of manual work, and are beset with false positives which divert attention from genuine red flags.

I think Mimiro is one of the most exciting companies currently being built in Europe’s burgeoning ‘fintech’ industry.

Suranga Chandratillake, Balderton Capital

Read Suranga's post 'Mimiro — the financial industry’s knight in Machine Learning armour,' describing his first meeting with Charlie and why we are so excited about his company's future. 

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.

Mimiro’s CEO and founder Charles Delingpole

Mimiro’s CEO and founder Charles Delingpole at the 2018 Balderton CEO Collective.

Mimiro is building a comprehensive global repository that provides an instant, accurate risk profile for every commercial entity and individual in the world.

Mimiro solves the problem by using innovative deep learning and machine intelligence. The company’s self-improving algorithms scour millions of structured and unstructured data sources daily – building a snapshot of an entity’s risk in real-time, and spotting patterns that would elude a human assessor. On average, Mimiro reduces the rate of false positives by 70 per cent.

‘We exist because globalisation is intensifying the business problems of trust,’ says Mimiro’s CEO and founder Charles Delingpole, who previously founded MarketInvoice. ‘To offset concerns, many businesses can be hyper-cautious and conservative, losing out on commercial opportunities – in some cases abandoning entire countries or industries.’

Mimiro has a growing list of 350 clients in 45 countries across the US, Europe and Asia, including major global banks.

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