Elliptic raises $120M at $670M valuation — Deutsche Bank, Nasdaq, and JPMorgan all in!

Blockchain analytics firm Elliptic has closed a $120 million Series D at a valuation of approximately $670 million, according to Bloomberg. The round was led by One Peak Partners and drew in Deutsche Bank, Nasdaq Ventures, and the British Business Bank, with existing backer JPMorgan also participating.

Founded in 2013, Elliptic builds transaction monitoring, AML, and sanctions compliance infrastructure for financial institutions and law enforcement agencies — the exact tooling that regulated institutions need as crypto custody and trading desks scale up under tightening global compliance frameworks.

The investor roster is the real signal here: Deutsche Bank and Nasdaq Ventures are not passive bets. Their participation points to a conviction that blockchain compliance infrastructure is becoming a non-negotiable line item for any TradFi institution moving into digital assets.