Elliptic to Help Banks Adopt Crypto Safely with C Series Support

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Elliptic, a crypto-asset risk management provider, closed its Series C round of funding on $ 60 million as it strengthens its position in the market.

Evolution Equity Partners was the lead investor, with commitments also from SoftBank Vision Fund 2, AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, Octopus Ventures, SignalFire and Paladin Capital Group.

With the capital injection, Elliptic plans to strengthen its position in the market through continued research and development efforts. As part of this growth, the company will also invest in its global network and team.

The FinTech Company is helping financial market participants embrace crypto with a suite of compliance and investigative solutions to build trust with digital asset. Its clients include traditional financial institutions, FinTechs, crypto firms, and government agencies.

Founded in 2013, FinTech relies on blockchain analytics to manage financial crime compliance. By analyzing 20 billion data points, the platform can help a business strengthen its AML compliance processes with cryptocurrency.

Its features include crypto wallet filtering, crypto transaction monitoring, VASP filtering, and crypto surveys.

As part of the deal, Evolution Equity Partners founder and managing partner Richard Seewald will join Elliptic’s board of directors.

Seewald said: Elliptic is at the forefront of protecting our digital world and has led the way in enabling the safe adoption of cryptoassets in all financial services. The latest fundraiser provides Elliptic with more resources to extend its risk management of market-leading crypto-assets to financial organizations, businesses and regulators around the world.

Elliptic previously raised $ 28 million in a Series B funding round, which was backed by Wells Fargo Strategic Capital.

Earlier this year, the company partnered with UK challenger bank Revolut. The deal saw Elliptic deploy its technology to help digital banking protect crypto withdrawals and hedge against risk.

Copyright 2021 FinTech Global

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