The kompany team has doubled in the last year to outpace the new regulatory realities of highly enforced Anti-Money Laundering regulation in Europe (AMLD 4&5) and the pending US AML regulation. Additionally, in wake of the Covid-19 stimulus measures, governments are pumping trillions into the global economy. This has inadvertently caused a market rush to rapidly digitize and automate formerly manual compliance processes.
As a result, market interest has seen the value of kompany’s sales pipeline increase to an eight-figure number in the last twelve months. “The current market and regulatory situation warrant a far more automated, audit-proof business verification with an exponentially lower margin of error, as compliance risks have never been higher, and clients increasingly move to seamless digital services.” Johanna Konrad, COO of kompany, highlighted.
John Vorrias, Chief Investment Officer at Fairway Global Investment added: “RegTech generally, and kompany specifically has the potential to be a game-changer in terms of the broad use-case applications across multiple industries and segments. And kompany operates the only real-time proprietary global register network that connects to primary source commercial registers and financial & tax authorities in over 200 countries and jurisdictions.”
The new fundraising round directly supports the further development of two key technologies: the AI-based instant shareholder discovery and the fusion of Digital Identity with Business KYC (KYB) for cross-border payments.
“Our vision is to enable the 5 second cross-border payment with full AML and KYB compliance embedded”, explained Russell Perry. “If you have ever wondered why an international bank transfer can take hours or frequently even days to post – it is directly linked to regulatory requirements and our platform replaces those legacy practices.”