The acquisition—alongside the addition of
Andreessen Horowitz as a shareholder—accelerates ComplyAdvantage's
AI capabilities and solidifies its position as one of the
industry-leading providers of financial crime insights
NEW
YORK, April 24, 2024 /PRNewswire/ --
ComplyAdvantage, a leader in financial crime intelligence, today
announced its acquisition of Golden (Golden Recursion Inc).
Golden is a San Francisco-based
innovator automating the construction of one of the world's largest
knowledge graphs, which shows interconnected data points and their
relationships for the purpose of analyzing complex
information.
Financial institutions and other regulated entities are required
by law to ensure the people and organizations they choose to do
business with are legitimate and that the transactions they
facilitate are legal. ComplyAdvantage uses AI and machine learning
to parse through a continuously updated database of entities to
give clients the most accurate 360-degree view of financial crime
risk. As clients respond to alerts, a feedback loop continuously
enriches the insights ComplyAdvantage provides. Golden's data
extraction and disambiguation using sophisticated natural language
processing will bring additional disparate data sources into
ComplyAdvantage's data ingestion layer to provide clients with even
more comprehensive, real-time financial crime risk insights.
As part of the acquisition, Andreessen Horowitz (a16z) joins an
illustrious group of leading technology investors, including
Goldman Sachs, Ontario Teachers' Pension Plan, Index Ventures, and
Balderton Capital.
This announcement comes on the back of continued momentum for
ComplyAdvantage as the scale-up continues its impressive growth,
significantly expanding its client roster since the last
fundraising round led by Goldman Sachs. The acquisition also
strengthens ComplyAdvantage's foothold in North America, with Golden bringing an
extensive base of U.S. customers.
"Delivering AI-enriched financial crime insights to our
customers through a best-in-class user experience built on the most
interconnected data has been our north star at ComplyAdvantage
since day one. The acquisition of Golden is a critical milestone on
that journey," said Vatsa
Narasimha, CEO of ComplyAdvantage. "We are excited to
welcome their talented team to the ComplyAdvantage family,
alongside a16z, who bring powerful expertise as we embark on the
next phase of our growth journey."
Jude Gomila, Golden founder
and CEO, who will join ComplyAdvantage as a board observer and
special adviser, added: "I have known Charlie Delingpole, the
founder of ComplyAdvantage, since 2005, and I am thrilled to
bring together our capabilities. By combining our experienced team
of AI and large language model (LLM) specialists with
ComplyAdvantage's industry-leading data science team, we are
creating a global team of data experts. Together, I'm confident we
will transform financial crime risk management for businesses
worldwide."
About ComplyAdvantage
ComplyAdvantage is the financial
industry's leading source of AI-driven financial crime risk data
and fraud detection technology. ComplyAdvantage's
mission is to neutralize the risk of money laundering, terrorist
financing, corruption, and other financial crime. More than 1,000
enterprises in 75 countries rely on ComplyAdvantage to understand
the risk of who they're doing business with through the world's
only global, real-time database of people and companies. The
company identifies thousands of risk events daily from millions of
structured and unstructured data points.
ComplyAdvantage has five global hubs in New York, London, Singapore, Cluj-Napoca, and Lisbon and is backed by Andreessen Horowitz,
Goldman Sachs, Ontario Teachers, Index Ventures, and Balderton
Capital. Learn more at complyadvantage.com.
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SOURCE ComplyAdvantage
