Blockchain analytics firm Elliptic closes $120 million Series D as Deutsche Bank, Nasdaq deepen crypto bets

Blockchain analytics firm Elliptic raised $120 million in a Series D round at a $670 million valuation, drawing backing from Deutsche Bank and Nasdaq's venture arm as Wall Street's push into digital assets drives demand for compliance infrastructure.

One Peak Partners led the round. The British Business Bank also participated, alongside returning investors JPMorgan, Evolution Equity Partners, and AlbionVC, according to a statement.

Founded in 2013 and headquartered in London, Elliptic builds software that enables banks, exchanges, and government agencies to monitor cryptocurrency transactions and flag illicit activity, including money laundering and sanctions evasion.

The firm says it screens more than 1 billion transactions per week for over 700 customers across 30 countries, covering 65 blockchains.

"Financial systems are being rebuilt on-chain," CEO Simone Maini said in an announcement. "The institutions leading that transition need an on-chain analytics partner that matches their scale, their sophistication, and their ambition."

Elliptic will use the proceeds to expand adoption of its services and deepen its global presence, Maini said.

The participation of Deutsche Bank extends a pattern of growing involvement in crypto infrastructure. The German lender provided banking services for NYSE-listed institutional crypto exchange Bullish last October and extended FX services to crypto market-making firm Keyrock.

Nasdaq Ventures' investment arrives as the exchange operator pursues its own digital asset buildout. Nasdaq announced a new tokenized equity design earlier this year in partnership with Kraken parent Payward.

JPMorgan first backed Elliptic in its 2021 Series C, which raised $60 million and was led by Evolution Equity Partners, The Block reported.