Moody’s, the global research and securities rating firm, has acquired or agreed to acquire two separate Regtechs. According to Moody’s it has acquired PassFort Limited and entered into an agreement to acquire 360kompany AG (kompany).
These two firms are both European providers of KYC, AML, and other compliance services thus boosting Moody’s tech stack when it comes to adhering to global regulatory demands.
Keith Berry, General Manager of Moody’s KYC business, said that PassFort and kompany are innovators in the compliance and regulatory sector and will upgrade and accelerate their customers’ onboarding and monitoring processes.
kompany is based in Vienna, Austria, and will provide “audit-proof business verification and KYC,” information on more than 115 million companies across 200 jurisdictions. kompany’s API will help Moody’s customers to complete shareholder analysis and entity verification in real-time.
PassFort is a UK-based firm that offers a SaaS workflow platform for identity verification, customer onboarding, and risk analysis. PassFort is said to deliver data from over 25 third-party providers and automates the collection, verification, and secure storage of customer and supplier due diligence documentation.
The acquisition of PassFort was funded with cash.
The acquisition of kompany is expected to close in the first quarter of 2022.
Moody’s did not reveal the terms of either acquisition.