Anti-financial crime startup Mimiro gets £23m boost

Keiligh Baker's picture

A London cyber-security startup that uses AI to cut fraud risks for firms has raised £23million from investors.

Mimiro, previously known as ComplyAdvantage, will use the funding to accelerate the global expansion of its machine-learning platform for analysing the risk of financial crime.

By swiftly and intelligently verifying parties and transactions, Mimiro changes how companies assess who they’re doing business with – offering organisations greater confidence in their own operations, attacking financial crime and reducing laborious manual checks.

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

CEO and founder Charles Delingpole, pictured, 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. Your success has been our success and we look forward to continuing to align our product roadmap with the features that you’ve been asking for.

'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.'

The company said it had raised the sum from leading venture capital firms Index Ventures, based in London and San Francisco, and Balderton Capital, a current investor.

Other Index-backed tech firms include Dropbox, Deliveroo and Slack, while current and previous Balderton Capital investments include Betfair, Citymapper and Revolut.