Regtech firm kompany raises $6m in venture funding
Regtech platform kompany has raised $6 million in venture funding, it’s largest single investment round to date.
The firm offers know your customer (KYC) solutions, and has raised a total of $15.5 million from eleven funding rounds.
Fairway Global Investment led the round, together with Tokyo-based Global Brain, acting as co-investor.
“The smart money understands that regtech is about turning the burden of compliance into a competitive advantage,” says kompany founder and CEO Russell Perry.
Kompany plans to support the development of its AI-based shareholder discovery solution and its crow-border payments KYC system.
“Our vision is to enable the five second cross-border payment with full anti-money laundering (AML) and know your business (KYB) compliance embedded,” says Perry.
“If you have ever wondered why an international bank transfer can take hours […] it is directly linked to regulatory requirements and our platform replaces those legacy practices.”
Kompany raised investments from Elevator Ventures and Uniqa Ventures back in August 2019.
The regtech firm claims that its sales pipeline has seen an eight-fold increase in the last 12 months, as firms search for ways to cut out manual regulatory processes.
“The current market and regulatory situation warrant a far more automated, audit-proof business verification,” says chief operating officer, Johanna Konrad.
“Compliance risks have never been higher, and clients increasingly move to seamless digital services.”