Elliptic raises $120M at $670M valuation as Nasdaq, Deutsche Bank back crypto compliance startup

Crypto may have started as a financial system built outside traditional banking, but some of the biggest names in finance are now pouring money into the companies helping institutions police it.

Elliptic, a London-based blockchain analytics and crypto compliance startup, said Tuesday it raised $120 million in a Series D round led by One Peak, with participation from Nasdaq Ventures, Deutsche Bank, and the British Business Bank. The funding values the company at $670 million.

The deal signals how seriously large financial institutions are treating digital assets as stablecoins, tokenized assets, and on-chain payments move closer to mainstream finance. It is no longer just crypto exchanges looking for compliance software. Banks, payment firms, governments, and corporate treasury teams are now preparing for a financial system where transactions increasingly move across blockchain networks.

Elliptic sits in the middle of that shift.

Founded in 2013, the company built its business around tracking blockchain transactions and identifying risky activity tied to fraud, sanctions evasion, money laundering, and illicit finance. Its software is already used by major crypto exchanges and financial institutions to screen transactions and monitor wallets across more than 65 blockchains.

The company says it now screens over $1 billion transactions every week for more than 700 customers across 30 countries.

The latest funding comes at a time when stablecoins are among the fastest-growing segments in finance. Elliptic cited estimates showing stablecoins processed $33 trillion in transactions in 2025, a figure that reflects how digital dollar infrastructure is starting to move beyond crypto trading and into payments and treasury operations.

That growth has created a new problem for institutions entering the market. Traditional compliance systems were never built for real-time blockchain transactions happening around the clock across dozens of networks.

Elliptic argues its advantage comes from the data it has collected over the last 13 years. The company has spent more than a decade labeling blockchain entities, wallets, and transaction activity, creating a large proprietary dataset that now feeds its AI-driven compliance platform.

The company said the system helps compliance teams automate investigations, reduce false alerts, and process suspicious activity far faster than older manual workflows.

“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,” said Gary Offner, Senior Vice President, Head of Nasdaq Ventures.

Deutsche Bank framed the investment as part of a broader push to support institutional adoption of digital assets without weakening oversight.

“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,” said Sabih Behzad, Global Head of Digital Assets & Currencies Transformation at Deutsche Bank.

The company says two-thirds of global crypto volume already flows through exchanges using Elliptic’s systems. That position gives the startup a front-row seat as traditional financial firms move further on-chain.

The funding round comes amid a broader institutional push into tokenized finance. Major banks, asset managers, fintech firms, and payment companies are increasingly testing stablecoins, tokenized deposits, and blockchain settlement systems as regulators warm to digital asset infrastructure.

For Elliptic, the opportunity is straightforward. If more financial activity moves on-chain, compliance software must keep pace.

“Financial systems are being rebuilt on-chain,” said Simone Maini, CEO of Elliptic. “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.”