UK-based Elliptic raises €51.8M for its cryptoasset risk management platform from SoftBank, others

London-based Elliptic, a cryptoasset risk management platform that helps track transactions on blockchains, announced that it has secured $60M (approx €51.89M) in its Series C round of funding.

According to Elliptic, the round is a milestone and a recognition of its critical role in the crypto ecosystem. As an asset class, crypto has grown by more than 10x in five years and is worth $1T. A further 10x growth lies ahead — and will be driven by businesses keen to shape the future of finance.

Investors in this round

The investment was led by Evolution Equity Partners along with new investor SoftBank Vision Fund 2. Existing investors AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, Octopus Ventures, SignalFire, and Paladin Capital Group also participated in this round.

As per the deal, Richard Seewald, Founder & Managing Partner at Evolution Equity Partners, will join the Board of Directors.

Speaking on the development, Richard Seewald says, “Elliptic is at the forefront of safeguarding our digital world and has led the way in enabling the safe adoption of cryptoassets across financial services. The latest fundraise provides Elliptic more resources to expand their cryptoasset risk management to financial organisations, businesses, and regulatory authorities around the world.”

Use of the funds

The proceeds from this round will help Elliptic strengthen its global leadership position through continued research and development, investment in its global network, and expansion of the team, particularly in the US.

Simone Maini, CEO of Elliptic, says, “At Elliptic, we help financial institutions, from crypto exchanges to the world’s leading banks, embrace cryptoassets more safely. This fundraising round is an endorsement of the opportunity for cryptoassets in the financial industry – and our absolutely critical role in the ecosystem.”

Bringing compliance to cryptoassets

Elliptic’s founders first became involved with cryptoassets in 2011, when they recognised the technology’s potential to open up financial services to innovation and competition.

Having worked for regulated financial institutions, they also understood that the cryptoasset industry would have to operate within financial crime regulatory frameworks to reach its full potential.

With that in mind, they built and launched the world’s first compliance tools based on blockchain analytics in 2015. As the technology matures, new blockchains emerge and regulations evolve – but Elliptic’s mission has remained the same: to protect its customers from financial crime in cryptoassets.

Making Crypto safer for financial institutions

Founded in 2013 by Adam Joyce, James Smith, and Tom Robinson, Elliptic claims to have pioneered the use of blockchain analytics for financial crime compliance and has built an accurate and trusted crypto identity dataset in the market.

CEO of Elliptic, Simone Maini, explains, “Cryptoassets are fast becoming part of the mainstream financial ecosystem and are providing the foundation for a new, decentralised financial system. At Elliptic, we’re excited to be driving development and innovation in cryptoassets and to be helping crypto businesses and financial institutions to grow with confidence and protect themselves against financial crime in crypto.”

The company is working towards preventing, detecting, and pursuing criminal activity in cryptocurrencies. It identifies illicit activity in cryptocurrencies, providing actionable intelligence to cryptocurrency companies, financial institutions, and government agencies.

Two-thirds of crypto volume worldwide is transacted on exchanges that use Elliptic – these businesses rely on Elliptic’s solutions to manage risk and generate insights by leveraging over 20 billion data points covering 98 per cent of all cryptoassets by market cap.

Elliptic has assessed risk on transactions worth several trillion dollars, uncovering money laundering, terrorist fundraising, fraud, and other financial crimes. The company is headquartered in London with offices in New York, Singapore, and Tokyo.