Encompass Corporation, the provider of “intelligently” automated Know Your Customer (KYC) solutions, recently confirmed the completion of a £25 million raise.
Perennial Partners, an Australian investment management firm, reportedly served as the lead investor, and was joined by financial services focused principal investing company, Serendipity Capital, Seven Seat Capital, and Fintech investment company, Microequities Asset Management.
As mentioned in the announcement, there were follow-on investments acquired from existing shareholders, which includes Alan McIntyre, the ex- Global Head of Banking Services at Accenture, and Tim Frost, ex-Chairman of IHS Markit, along with contributions from experienced tech investor Ray Scott.
Encompass’ funding will be channeled towards supporting its growth internationally, which has included new business office openings as well as ongoing recruitment efforts in New York and Amsterdam.
The proceeds will also be used to support product innovation and development, undertaken from engineering centers based in Sydney, Belgrade, and Glasgow. Encompass’ business expansion will allow it to effectively address the requirements of existing international clients, and will help with continuing to onboard established financial institutions, as the firm increases its global presence.
The fundraise has been announced after a year of steady growth in revenue, new accounts, and the addition of specialist industry professionals to the firms’ professional teams across the United Kingdom, Europe, the Asia-Pacific region, and the US.
Roger Carson, co-founder at Encompass stated:
“Today’s funding will help fuel Encompass’ rapid global expansion, especially as we make inroads in North America, with operations driven from New York, and continue to expand our presence in Europe. Expanding to new markets will add greater value to our business in a way that better serves existing customers and attracts additional global banks as new customers. We are excited to have new and existing investors support Encompass’ acceleration, expansion and vision to continue to be recognized globally as the leading provider of automation to the corporate KYC due diligence market.”
Sean Harpur, co-founder at Serendipity Capital, remarked:
“Encompass’ successful funding represents the increasing value of solutions that digitise and automate regulatory screening and due diligence for the corporate KYC market. Designed to help banks simultaneously create a better customer experience and mitigate compliance risk at scale, we believe Encompass is exceptionally well-positioned to deliver in these areas for global banks, becoming the recognised global standard across RegTech, AML and KYC.”
This latest announcement has come after a round of funding back in 2020, as well as Encompass’ business expansion into North American markets towards the end of last year.