Business verification and KYC regtech kompany has raised almost €6 million in a funding round led by Fairway Global Investment together with Global Brain.
Kompany’s API platform and collaborative web-based KYC workspace provide financial institutions, payment providers, insurers and others the automation platform and tools required for Business KYC and audit-proof business verification for AML compliance.
The Vienna-based firm is bullish about its place in the multi-billion dollar regtech sector where firms are facing up to the realities of highly enforced AML regulation in Europe (AMLD 4&5) and the pending US AML regulation.
The startup says it is also benefiting from Covid-19 stimulus measures, which have inadvertently caused a market rush to rapidly digitise and automate formerly manual compliance processes.
“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,” says Johanna Konrad, COO, kompany.
The new funding will support development of new product lines: the AI-based shareholder analysis tool UBO discovery and the DLT-based audit-trail solution KYC onchain.
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