Artificial intelligence-based compliance startup Mimiro, formerly known as ComplyAdvantage, has raised $30m in a Series B funding round as it undergoes a new rebrand.
Index Ventures led the round for the business, now known as Mimiro, which was joined by previous investor Balderton Capital.
Back in 2016, the compliance startup raised $8.2m in a Series A round led by Balerton.
The company aims to help firms manage compliance obligation and reduce costs by using proprietary data to create structured profiles of high-risk clients. The rebrand sees the company take on a refreshed look as well as launch a new website.
Mimiro provides its services to more than 350 clients in 45 countries including major global banks.
The company reported 300 per cent growth in revenue in the past 12 months and has embarked on a rapid expansion in the US.
“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,” said Mimiro CEO and founder Charles Delingpole.
“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.”
Mimiro was recently hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2019. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
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