Deutsche Bank and Nasdaq Back Elliptic’s $120M Series D at $670M Valuation

Context Crypto transaction volumes have surged; in 2025 stablecoins alone moved $33 trillion, prompting banks and exchanges to tighten compliance. Elliptic’s software scans public and private blockchain data to flag illicit flows such as money laundering or sanctions evasion. The platform covers more than 65 blockchains and relies on a dataset built over 13 years of monitoring.

Key Facts - The Series D values Elliptic at $670 million after a $120 million investment led by One Peak. - Elliptic processes over one billion crypto transactions each week for more than 700 clients in 30 nations, including HSBC and Revolut. - Deutsche Bank (DB) shares rose 4.2 % year‑to‑date, giving the bank a market capitalisation of roughly €30 billion (~$32 bn). Nasdaq (NDAQ) shares gained 2.8 % YTD, valuing the exchange at about $20 billion. JPMorgan (JPM), a returning investor from Elliptic’s Series C, trades up 1.5 % YTD with a market cap near $460 billion. - Humbert de Liedekerke Beaufort of One Peak said Elliptic leads digital asset compliance because its proprietary data advantage makes its AI market leading. - The company has now raised about $224 million total since its 2013 founding.

What It Means The participation of two major traditional‑finance players signals that banks view blockchain analytics as a core service rather than a niche tool. Elliptic’s AI‑driven triage cuts investigation times from hours to minutes, a mechanism that could become standard as regulators increase scrutiny on stablecoin flows. Competing with US‑based Chainalysis and TRM Labs, Elliptic’s deep historical data set may give it an edge in Europe and Asia where it already operates offices in New York, Washington DC, Miami, Dubai, Singapore and Tokyo. The fresh capital will fund new product development and geographic expansion, potentially widening its client base beyond the current 700.

What to watch next Monitor Elliptic’s upcoming releases for real‑time risk scoring tools and any announcements of partnerships with additional banks or central‑bank digital‑currency projects.