Quantexa is a London-based startup that develops AI-based solutions to help its clients detect and stop fraud, money laundering, and other illicit activity. They have successfully raised a growth round of $153 million in Series D funding. They will continue their expansion in financial services to bring their tools into a wider context. In an interview, Vishal Marria, Quantexa founder and CEO, said “We’ve diversified outside of financial services and working with government, healthcare, telcos, and insurance.” Adding “That has been substantial. Given the whole journey that the market’s gone through in contextual decision intelligence as part of bigger digital transformation, was inevitable.” In the Series D funding, the startup’s valuation has grown to reach between $800 million and $900 million on the heels of Quantexa growing its subscriptions revenues by 108% in the previous year. To date, the startup has successfully raised over $240 million. In the past couple of months, the company’s valuation has increased significantly which was valued between $200 million and $300 million last July, in its Series C. The round was led by Warburg Pincus with existing backers Dawn Capital, HSBC, ABN AMRO Ventures, AlbionVC, Evolution Equity Partners, and British Patient Capital. Also Read: NVIDIA and Google Cloud to Create Industry’s First AI-on-5G Lab For Fast Development of AI In the last year particularly, the startup has expanded significantly to include other verticals that are facing financial crime, including insurance, healthcare, government, and telecoms/communications. Besides, they have continued to diversify in other segments to cover more use cases, such as building more complete customer profiles for KYC or serving more tailored products. While working with government agencies, they have also seen their software getting applied to other areas of illicit activity, including identifying human trafficking and tracking. In a statement, Adarsh Sarma, MD and co-head of Europe at Warburg Pincus, said “Quantexa’s proprietary technology enables clients to create single views of individuals and entities, visualized through graph network analytics and scaled with the most advanced AI technology.” “This capability has already revolutionized the way KYC, AML, and fraud processes are run by some of the world’s largest financial institutions and governments, addressing a significant gap in an increasingly important part of the industry. The company’s impressive growth to date is a reflection of its invaluable value proposition in a massive total available market, as well as its continued expansion across new sectors and geographies.” Interestingly, Marria has admitted that the startup has been approached by big tech companies. But, in the longer term, he would like to see Quantexa continue to grow independently in the future with very much in his distant sights. “Sure, an acquisition to the likes of a big tech company absolutely could happen, but I am gearing this up for an IPO,” he said.