Encompass Corporation raises $33M in funding to automate KYC for banks globally
Encompass Corporation, the provider of intelligently automated Know Your Customer (KYC) solutions, today announced the completion of a successful capital raise of approximately $33M (£25M).
Perennial Partners, a major Australian investment management company, served as the lead investor, joined by financial services focused principal investing firm Serendipity Capital, Seven Seat Capital, and FinTech investment firm Microequities Asset Management.
There were also follow-on investments from several existing shareholders, including Alan McIntyre, former Global Head of Banking Services at Accenture, and Tim Frost, ex-Chairman of IHS Markit, as well as experienced technology investor Ray Scott.
Encompass’ capital raise will be used to accelerate its growth globally, which has included office openings and extensive recruitment in New York and Amsterdam. The raise will also facilitate ongoing product innovation and development, undertaken from three main engineering centers in Sydney, Belgrade, and Glasgow. Encompass’ expansion will help it to better meet the needs of existing global customers, as well as to continue to onboard renowned financial institutions, as it increases its international footprint.
The raise follows twelve months of significant growth in revenue, new accounts, and the addition of specialist industry experts to the business’ teams across the UK, Europe, Asia-Pacific, and the US.
Commenting on the raise, Roger Carson, co-founder at Encompass, said:
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, added:
Encompass’ successful funding represents the increasing value of solutions that digitize 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 recognized global standard across RegTech, AML and KYC.
Today’s news follows a round of funding in 2020, as well as Encompass’ expansion into North America in late 2021