Elliptic raises $120M at $670M valuation

London-based Elliptic raised $120 million in a Series D round at a $670 million valuation. One Peak Partners led the financing; Deutsche Bank, Nasdaq Ventures, the British Business Bank and returning investors JPMorgan, Evolution Equity Partners and AlbionVC participated.

Elliptic builds blockchain analytics software used by banks, exchanges and government agencies to monitor cryptocurrency transactions and flag illicit activity, including money laundering and sanctions evasion. Elliptic plans to use the proceeds to expand product adoption, scale its analytics platform and grow sales and support internationally.

Founded in 2013 and headquartered in London, Elliptic reports it screens more than 1 billion transactions per week for over 700 customers across 30 countries and covers 65 blockchains. Its tools combine transaction tracing with risk scoring to identify suspicious addresses and support regulatory reporting requirements.

“Financial systems are being rebuilt on-chain,” Simone Maini, chief executive, stated. “The institutions leading that transition need an on-chain analytics partner that matches their scale, their sophistication, and their ambition.”

Deutsche Bank’s participation follows the lender’s recent activity in crypto infrastructure, including providing banking services to an institutional crypto exchange and extending foreign-exchange services to a crypto market-making firm. Nasdaq Ventures’ investment comes as Nasdaq builds digital-asset products, including a tokenized equity design developed with Payward, the parent company of Kraken.

JPMorgan first invested in Elliptic in 2021 during a Series C round that raised $60 million. The British Business Bank and other investors joined the latest round alongside returning backers.

Elliptic will deploy the funds to deepen its global footprint and accelerate product deployment.