London-based cryptocurrency compliance firm Elliptic continues its investment in new executive talent, with the hiring of Revolut’s former finance director David MacLean as Chief Financial Officer (CFO).
As CFO at Elliptic, Mr. MacLean will be responsible for ensuring that the finances of the Blockchain firm can continue to accelerate growth, capitalizing on the expanding worldwide demand for its solutions. Reporting to CEO Simone Maini, he will be tasked with finance functions including controllership, tax, internal audit, financial planning and analysis, treasury and investor relations.
Prior to Elliptic, MacLean was chief financial officer (CFO) at Revolut but left after spending only six months into his employment with the UK fintech unicorn. David joined Revolut from Metro Bank to take up the mantle of CFO in July 2019, having previously served there as finance director for three years.
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”Dave is a seasoned leader who has experience in growing businesses into new markets, and will have an important role in shaping Elliptic’s future as it innovates in crypto blockchain analytics and establishes an Asia presence,” said Simone Maini, Elliptic’s CEO.
Elliptic Raises $40 Million in Total Funding
MacLean joins at a time when Elliptic continues to evolve its business model and leadership team to accelerate growth following its Series B funding round in early 2020. The investment was led by Wells Fargo Strategic Capital and it complements Elliptic’s Series B funding round led by Tokyo-based SBI Group in September 2019. At the time, the blockchain intelligence company raised $23 million, including new investment from AlbionVC, and participation from existing investors SignalFire, Octopus Ventures, and Santander Innoventures.
The new investment, which brings the company’s total funding to over $40 million, will fuel Elliptic’s continuing expansion into Asia, with new offices opening in Japan and Singapore. The funding will also be used to accelerate product development to support an emerging class of asset-backed crypto-assets, such as Facebook’s Libra, Line Corporation’s LINK, and central bank digital currencies.
Elliptic’s product helps banks to assess hundreds of crypto exchanges operating worldwide. Called ‘Elliptic Discovery,’ this solution is purpose-built for banks to enable them to identify crypto exchanges that are complying with strict regulatory standards. Discovery boasts a database of hundreds of exchanges, collected since 2013, including their owners, jurisdiction, regulatory status, and compliance policies.