Elliptic raises $23 million Series B as it targets Asian market

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U.K-based blockchain analytics firm Elliptic has raised $23 million is Series B funding. The round was led by Tokyo-based financial services company SBI Holdings. London-based AlbionVC also participated in the round, as did existing investors including Octopus Ventures, SignalFire and Santander Innoventures.

The company, whose software solutions help financial institutions manage crypto-related risks, will use the funding to expand into new markets, key among them Asia. It plans on opening up new offices in Japan and Singapore, the founder and CEO of the firm, James Smith, told The Block. Elliptic chose the two countries as they have a vibrant cryptocurrency ecosystem and a clear regulatory framework, he disclosed. The two offices will allow the company to expand into the rest of the Asia-Pacific region.

Elliptic says that in the past two years, its revenue from the Asian market has shot up 11 times. Smith declined to disclose the specific figures, including the company’s current valuation. However, Crunchbase indicates that the company has raised $35 million, with the latest round included.

The new funding will allow the company to develop solutions that can accommodate the new developments in the crypto space, Smith added. These include the ill-fated Facebook crypto project Libra and the expected central bank digital currencies, with China leading on that front.

“We believe that corporations and governments will increasingly seek to issue their own crypto-assets, and we will look to support them on our platform.”

Established in 2013, Elliptic’s solutions are used by over 100 financial institutions today to screen billions of dollars’ worth of crypto transactions, the company stated. With regulators cracking down on illegal crypto activities, Elliptic has been one of the most sought-after companies in the crypto space. This year, the company has doubled the size of its team.

Smith commented, “We will continue to expand these teams in key areas such as customer success, product and marketing, as well as expanding our presence in Japan and Singapore.”

Smith also revealed that the company doesn’t plan on raising any additional funds in the foreseeable future as the current funding round gives the company an excellent foundation for the next growth stage.