Encompass Corporation, a provider of automated Know Your Customer (KYC) solutions, has raised £25 million.
The Glasgow firm, which featured on our RegTech 50 ranking last year, will accelerate its growth globally.
To date this has included office openings and extensive recruitment in New York and Amsterdam. The firm expanded into North America in late 2021.
The raise will also facilitate ongoing product innovation and development, undertaken from three main engineering centres in Sydney, Belgrade and Glasgow.
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Perennial Partners, a major Australian investment management company, served as the lead investor, joined by financial services focused principal investing firm Serendipity Capital, Seven Seat Capital, and FinTech investment firm Microequities Asset Management.
There were also follow-on investments from several existing shareholders, including Alan McIntyre, former Global Head of Banking Services at Accenture, and Tim Frost, ex-Chairman of IHS Markit, as well as experienced technology investor Ray Scott.
“Today’s funding will help fuel Encompass’ rapid global expansion, especially as we make inroads in North America, with operations driven from New York, and continue to expand our presence in Europe,” said Roger Carson, co-founder at Encompass.
“Expanding to new markets will add greater value to our business in a way that better serves existing customers and attracts additional global banks as new customers.
“We are excited to have new and existing investors support Encompass’ acceleration, expansion and vision to continue to be recognized globally as the leading provider of automation to the corporate KYC due diligence market.”
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