Crypto risk management firm raises $60m in funding round

SoftBank, Wells Fargo and Octopus Ventures were all involved in the funding of Elliptic

Stacks of coins showing the word 'funding' etched into the side of the top coin                                 
Elliptic has been successful in a $60m (£43m) Series C funding round – Photo: Shutterstock
                                

Elliptic, a cryptoasset risk management firm has announced it has raised $60m (£43m) in Series C funding.

The finance round was led by Evolution Equity Partners alongside SoftBank with existing investors also involved such as Wells Fargo, Octopus Ventures, AlbionVC, Digital Currency Group, SBI Group, SignalFire and Paladin Capital Group.

The firm has said, the latest fundraiser will accelerate its efforts “in enabling financial markets participants to embrace the crypto opportunity with trust and confidence”.

Elliptic, founded in 2013, states it serves “traditional financial institutions” such as government agencies, fintechs and crypto businesses with its suite of compliance and investigative solutions that were built specifically for cryptoassets.

Elliptic “plans to strengthen its global leadership position”

The crypto risk management firm “plans to strengthen its global leadership position through continued research and development, investment in its global network and expansion of Elliptic’s team”.

Additionally, Richard Seewald, founder and managing partner at Evolution Equity Partners, will join Elliptic’s board of directors to help provide strategy.  

The company sees itself as a pioneer due to its use of blockchain analytics to help financial crime compliance. It states that two-thirds of the crypto volume worldwide is transacted on exchanges using Elliptic. These businesses use Elliptic’s solutions to manage risk.

“Elliptic is at the forefront of safeguarding our digital world”

Simone Maini, CEO of Elliptic, said: “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.”

Seewald said: “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 market-leading cryptoasset risk management to financial organisations, businesses and regulatory authorities around the world.”

Investor for SoftBank Investment Advisers, Neil Cunha-Gomes, said the fact crypto was becoming a mature asset class meant there was “a growing need for enterprise-grade compliance and transaction monitoring tools”. He added: “Elliptic was an early mover in this space and its customisable platform is trusted by financial institutions of all sizes. We are pleased to support Simone and the Elliptic team in their mission to enable safe crypto adoption globally.”

Further reading: Wells Fargo and JP Morgan file for bitcoin funds

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