UK regtech ComplyAdvantage snaps up Golden to strengthen financial crime intelligence offering
Financial crime intelligence and fraud risk detection firm ComplyAdvantage has acquired tech start-up Golden Recursion for an undisclosed sum.
ComplyAdvantage to acquire Golden Recursion
Based in San Francisco, USA, Golden has developed a data discovery tool that helps firms research and track information on millions of topics and entities.
The company has utilised natural language processing (NLP) and AI technology to harvest and display information from a wide range of public and private sources in the form of a “knowledge graph”, which ComplyAdvantage says “shows interconnected data points and their relationships for the purpose of analysing complex information”.
For ComplyAdvantage, the purchase of Golden and its knowledge graph will enable the company to tap additional disparate data sources as it looks to provide clients with “even more comprehensive real-time financial crime risk insights”.
The deal will also see California-based venture capital firm Andreessen Horowitz (a16z) become a shareholder in ComplyAdvantage. The VC giant previously backed Golden’s $14.5 million Series A in September 2020 and has fed investment into the start-up since its $5 million seed funding round in May 2019.
Andreessen Horowitz will join ComplyAdvantage’s existing investor base, which currently includes the likes of Goldman Sachs, Ontario Teachers’ Pension Plan, Index Ventures and Balderton Capital.
Additionally, Jude Gomila, who founded Golden in 2017 and who currently serves as its CEO, is to join ComplyAdvantage as a board observer and special advisor.
Vatsa Narasimha, CEO of ComplyAdvantage, says the acquisition of Golden serves as “a critical milestone” in its ability to deliver AI-enabled financial crime insights “as we embark on the next phase of our growth journey”.
The company’s financial crime detection and compliance solutions deploy AI and machine learning technology to give clients better insight into who they’re doing business with.
