Elliptic, a blockchain analytics and digital asset risk intelligence company, has secured $120 million in Series D funding as banks, payments firms and digital asset companies face growing compliance demands linked to stablecoins, tokenised assets and on-chain settlement.
The round was led by One Peak, with participation from Nasdaq Ventures, Deutsche Bank and the British Business Bank. It values Elliptic at $670 million and will support the company’s work on enterprise-grade on-chain analytics for banks, fintechs, government agencies, crypto firms and payments companies.
Founded in 2013, Elliptic provides risk intelligence and compliance tools for organisations dealing with digital assets. Its data spans more than 65 blockchains, while its platform screens more than one billion transactions a week for more than 700 customers in 30 countries.
Compliance pressure rises with digital asset volumes
The funding comes as digital asset activity becomes more closely connected with mainstream financial services. Stablecoins, tokenised assets and on-chain settlement are now being used or explored by institutions, payments firms and corporate treasury teams, creating new demands around transaction monitoring, customer risk and regulatory reporting.
Elliptic points to stablecoins processing $33 trillion in transactions in 2025. For exchanges and crypto-native firms already handling large transaction volumes, real-time compliance has become an operational requirement. For banks and payments firms moving into digital assets, the same issue is becoming more relevant as on-chain activity becomes part of wider financial infrastructure.
Writing in a blog published alongside the announcement, Dr James Smith, Elliptic’s co-founder and chief product and technology officer, said digital asset risk now requires a different operating model, rather than simply faster tools for analysts.
“The volume of risk decisions in digital asset finance is about to outstrip what people can handle,” Smith wrote. “Faster analysts and better dashboards will not fix it.”
Elliptic links funding to AI-led risk operations
Smith linked the Series D to Elliptic’s AI-native compliance work, describing an ‘agentic operating model’ for digital asset risk. Under that model, systems handle routine cases, while human analysts focus on alerts that require judgement.
Elliptic’s copilot can reduce the time an L1 analyst spends researching each alert from five minutes to less than one, according to Smith. However, he argued that the bigger issue is not only analyst speed, but whether compliance teams can manage rising volumes without increasing cost and headcount at the same pace.
“The work that is left when agents handle the routine is the work that matters most: the ambiguous case, the novel typology, the cross-jurisdictional pattern, the call that has to be defended to a regulator,” Smith wrote.
That focus on explainability matters for financial institutions. In regulated markets, a risk score alone may not give compliance teams enough to support a decision. Firms need evidence, reasoning and policy links behind actions such as escalating a transaction, blocking activity or reviewing a customer relationship.
Smith said a risk decision in financial services has to be defensible to a regulator, adding that “a risk score on its own is not defensible”.
Institutional investors back digital asset risk infrastructure
The involvement of Nasdaq Ventures and Deutsche Bank gives the round a wider institutional finance angle. Their participation comes as large financial institutions continue to assess how digital assets, stablecoins and tokenised assets may fit into payments, settlement and capital markets activity.
Gary Offner, senior vice president, head of Nasdaq Ventures, said: “As digital assets become more embedded in the global financial system, institutions need trusted infrastructure to manage compliance and risk at scale. Elliptic’s platform plays an important role in providing that infrastructure, helping firms navigate digital asset adoption with confidence and integrity.”
Sabih Behzad, global head of digital assets & currencies transformation, Deutsche Bank, said: “The sustainable growth of digital assets depends on strong, institutional-grade risk and compliance foundations. For Deutsche Bank, these frameworks are critical to supporting the responsible development of the digital asset ecosystem and reinforcing trust as the market evolves. Our investment in Elliptic reflects our focus on strengthening these foundations.”
The British Business Bank also participated through the British Growth Partnership. Charlotte Lawrence, Managing Director of Direct Equity, British Business Bank, described Elliptic as having “pioneered the use of blockchain analytics” and noted that it screens more than one billion transactions a week.
“This investment also proves the British Growth Partnership is doing exactly what it was built to do: unlocking the explosive growth of UK technology scale-ups to deliver long term value for our pension funds,” she said.
Data becomes central to AI compliance claims
Elliptic’s AI work rests on more than a decade of proprietary data collection and labelling. The company’s dataset spans more than 65 blockchains and has been built through continuous collection and labelling of assets and entities.
Smith also placed data quality at the centre of AI-led compliance. He wrote: “A thin dataset behind a model just makes it faster at being wrong, which in a regulated industry is dangerous.”
That point is likely to become more relevant as compliance providers use AI more heavily in transaction monitoring and investigations. Banks, fintechs and crypto firms may use automation to manage higher volumes, but regulators will still expect firms to understand, evidence and control their risk decisions.
Smith added that customers should retain ownership of their own risk appetite, thresholds and accept-or-reject rules, while Elliptic provides the data, reasoning and infrastructure that support those decisions.
On-chain risk moves beyond crypto-native firms
Elliptic’s customer base already includes exchanges and crypto firms, but the company is also targeting banks, payments companies and other financial institutions as digital asset activity becomes more institutional.
Two thirds of global crypto volume is transacted on exchanges that rely on Elliptic, according to the funding announcement. The company argues that this creates a base for serving both crypto-native firms and traditional financial institutions as more assets move on chain.
Humbert de Liedekerke Beaufort, founding partner at One Peak, said: “One Peak invests in category leaders and the signal we trust most is what customers say. We spoke to leading institutions from across all segments of the market, and they spoke with one voice: Elliptic is the leader in digital asset compliance, built on the industry’s most robust proprietary data, and it’s that data advantage that makes their AI genuinely market leading. Elliptic is the essential infrastructure for how stablecoins and tokenized assets move through the global financial system. That customer verdict is what drove our investment.”
Part of the new funding will support expansion in the Americas and Asia-Pacific, where Elliptic sees rising demand.
Machine-speed finance raises new risk questions
Smith also set out several expectations for the next three years, including greater use of machine-readable intelligence, more machine-to-machine risk decisions and the rise of privacy-focused on-chain environments.
He wrote that autonomous agents are likely to originate, authorise and settle a growing share of on-chain transactions, although not the majority by 2027. He also added that institutions are unlikely to expose full balance sheets publicly, which could increase demand for risk tools that work across both transparent blockchains and privacy-shielded environments.
Simone Maini, CEO of Elliptic, said: “Financial systems are being rebuilt on-chain. The institutions leading that transition need an on-chain analytics partner that matches their scale, their sophistication, and their ambition. The participation of Nasdaq Ventures, Deutsche Bank, One Peak and the British Business Bank, and the continued confidence of AlbionVC, Evolution Equity Partners and J.P. Morgan is a clear signal of their belief in us as market leaders. We built Elliptic for exactly this moment, and this funding lets us move faster to meet it.”
For fintechs and financial institutions, the round places compliance infrastructure at the centre of the digital asset adoption story. As stablecoins, tokenised assets and on-chain settlement develop, firms will need systems that can manage higher volumes of risk decisions while keeping oversight and evidence in place.
