Elliptic Raises $120 Million to Bring Blockchain Analytics to Big Banks

Blockchain analytics company Elliptic has raised $120 million in new funding.

The company says its Series D round, announced Tuesday (May 12), values Elliptic at $670 million and will help it further its mission of providing analytics to big banks, FinTechs, government agencies and crypto and payment companies.

The round was led by One Peak, with contributions from Nasdaq Ventures, Deutsche Bank and the British Business Bank.

“These investors are among the most consequential institutions in global finance, together responsible for trillions in daily market activity, and they have placed their confidence in Elliptic,” the company said in a news release.

“It is a signal about where the financial system is heading and who is trusted to underpin it, with Elliptic screening more of the global on-chain economy than any other private sector provider.”

The release argues that Elliptic has a “structural advantage” due to its data, collected over the 13 years since the company’s founding and spanning more than 65 blockchains.

“Built on that foundation, Elliptic’s data and intelligence platform processes more contextual information per transaction than any competitor, enabling automated triage, faster decisions and significantly lower cost per investigation,” the company added.

PYMNTS has for some time been chronicling blockchain technology’s shift from a crypto-specific concept into the world of institutional finance.

“Once the domain of startups, it is now part of how global institutions such as Citi, J.P. Morgan, Visa and others are exploring the future of payments and liquidity management,” PYMNTS wrote in a report late last year.

“From tokenized deposits and programmable payments to the settlement of digital assets, the technology previously seen as a niche outlier is increasingly being considered as part of the operating system for modern finance.”

With this shift, blockchain is becoming part of the tissue connecting payments, deposits and markets, just one part of a larger digital architecture “that brings new efficiency while preserving the trust on which global finance depends,” the report added.

PYMNTS also spoke last year with Liat Shetret, Elliptic’s then vice president of global policy and regulation, about the changing crypto landscape in the U.S.

“Up until a few months ago, we saw almost reconnaissance missions of crypto businesses looking in other jurisdictions,” Shetret said.

“They were leaving the U.S., and they were looking at Europe, they were looking at Asia, they were looking at the Caribbean. They were looking at all these different jurisdictions to find regulatory clarity, to find regulatory understanding.”

But that’s shifting now, with a level of excitement building “around bringing it back home, bringing it back to America,” she added.