Elliptic raises $120M Series D at $670M valuation, drawing heavy TradFi corporate VC backing
London-based blockchain analytics firm Elliptic just announced a $120 million Series D. The round was led by growth equity firm One Peak Partners, bringing the company's valuation to $670 million.
What stands out is the heavy presence of traditional finance on the cap table. The round includes participation from Nasdaq Ventures and Deutsche Bank, alongside returning investors JPMorgan (who backed their 2021 Series C ), Evolution Equity Partners, and AlbionVC. The British Business Bank also participated.
This deal highlights a clear thesis: as Wall Street pushes deeper into digital assets (tokenization, stablecoins, custody), the demand for enterprise-grade compliance infrastructure is surging. Elliptic claims two-thirds of global crypto trading volume flows through exchanges using their services, giving them a massive data moat.
The use of funds is heavily focused on AI, specifically building an "agentic product roadmap" to automate compliance workflows. It is a strong example of a vertical SaaS/data company leveraging AI to increase margins and stickiness in a highly regulated sector.