Financial services provider SBI Group led a $23m series B round yesterday for crypto-asset security technology developer Elliptic that included Santander InnoVentures, the strategic investment arm of banking group Santander.
The round also featured AlbionVC, the venture capital arm of investment firm Albion Capital, along with VC firms Octopus Ventures and SignalFire and unspecified existing investors.
Founded in 2013, Elliptic offers a suite of services used by more than 100 financial institutions and crypto-driven businesses to address criminal risks associated with crypto-assets, such as money laundering and attempts to evade legal sanctions.
The company analyses crypto transactions for evidence of illicit activity by linking digital signatures with real-world identities. It also helps clients comply with money laundering regulations and offers expert advice from its team of cryptocurrency investigators.
Proceeds from the round will drive product development as Elliptic looks to meet the risk profiles of emerging digital assets such as social network Facebook’s planned Libra currency.
Funding will also support Elliptic’s Asian growth strategy, building on the launch of new offices in Singapore and Japan to complement existing branches in the US and UK.
Tomoyuki Nii, executive officer for overseas investment at SBI vehicle SBI Investment, will join the company’s board of directors alongside AlbionVC partner Ed Lascelles.
Santander InnoVentures also took part in a $5m series A round for Elliptic in 2016 that was led by Paladin Capital Group and backed by KRW Schindler, Digital Currency Group and Octopus Ventures.
Octopus Ventures had already provided $2m in seed capital for the company in 2014. Elliptic has also identified seed fund Seedcamp as an investor, and SignalFire contributed to the latest round as an existing backer.