from left kompany Founders Andrew Bunce (Head of Product), Johanna Konrad (Chief Strategy Officer), Peter Bainbridge-Clayton, (Founder & CTO), Russell E. Perry (Founder & CEO). © vyhnalek.com
kompany is one of the most respected companies in the rapidly growing RegTech segment. RegTech is currently playing catch-up with FinTech and is expected to reach a market size of EUR 4bn by 2020. Global and regional financial institutions use kompany to improve their regulatory compliance processes. kompany’s platform combines automation and artificial intelligence to deliver audit-proof company information – in real-time and on demand. This not only reduces related costs by up to 50% but also helps financial institutions serve their customers more effectively. For its international activities, the Austrian Chamber of Commerce and the Austrian Federal Minister Margarete Schramböck recently awarded kompany the “Born Global Champion 2018” title.
Growing regulatory challenges
With the new funding, kompany founder and CEO Russell E. Perry, who has successfully helped build several globally operating companies, plans to capitalize on the RegTech growth trend: “In today’s digital business world, the verification of company information is indispensable – Business KYC is an ongoing task in compliance departments. The associated costs and the complexity are continually increasing and are expected to roll-over to other industries soon. We work intensively with financial institutions, insurances and other regulated companies, enabling more efficient and effective processes. Companies that rely on kompany today have a clear competitive advantage.”
Another reason for the skyrocketing demand is the EU’s Fourth Anti-Money Laundering Directive, which went into effect in 2017: “For the financial industry, stricter regulations are a major challenge, with higher penalties for non-compliance. Self-reported data from corporate clients is no longer sufficient proof under the new directive. For regulatory compliance checks, companies can only rely on data from authoritative sources, such as commercial registers and other government registers. Since the onboarding and ongoing monitoring of international company information results in an enormous administrative effort, the interest for automated Business KYC solutions like that of kompany is increasing, “explains Berthold Baurek-Karlic, CEO of the European Super Angels Club.
Fifth investment of the European Super Angels Club
The current round of financing was led by the European Super Angels Club. So far ESAC has invested in the HR tech company Firstbird, the business messenger Chatgrape, the AI-based Butleroy assistant for appointment-finding, and Yodel.io for business telephony.
“The RegTech market continues to gain in importance. Regulators are becoming more demanding and digital technologies are helping to meet these new requirements. With customers in 115 countries, kompany is a global RegTech. RegTechs and FinTechs with a global profile are certainly also viable stock market success stories”, explain European Super Angels Club board members Michael Petritz (KPMG Austria) and Martin Steininger (Venionaire Capital).
The German press release was covered by:
We are proud to welcome kompany in our portfolio and will keep you up to date on the development of this promising business.