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Mimiro announced today that it has raised $30 million to fuel global expansion of its financial risk analysis platform.

Based in London, the company was previously known as ComplyAdvantage but has changed its name with this latest round of funding. The startup uses machine learning to detect and analyze the risk of potential financial crimes and says its platform allows for rapid verification of transactions and the identity of participants to increase trust and confidence.

“We exist because globalization is intensifying the business problems of trust,” said Mimiro CEO and founder Charles Delingpole in a statement. “To offset concerns, many businesses can be hyper-cautious and conservative, losing out on commercial opportunities — in some cases abandoning entire countries or industries.”

The company now works with 350 companies in 45 countries, and it hopes to use its latest funding to expand that footprint.

Index Ventures led the round, which included money from previous investor Balderton Capital.

“Historically, financial crime tends to run ahead of the means of catching it; remedies have been reactive,” said Jan Hammer, an Index Ventures partner, in a statement. “Today, the problems are getting bigger, the risks and the penalties are more severe, and the old system can’t cope. Mimiro has a completely new approach, giving companies the power to get a fast, sophisticated understanding of where their risks lie.”


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