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Press Release | Tue 18 October, 2022
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Encompass Corporation reports significant progress in North American market

NEW YORK, Oct. 18, 2022 — Encompass Corporation, the provider of the leading Know Your Customer (KYC) automation platform, today announced significant progress in expanding its footprint and awareness in North America, a year after launching in the region.

In October 2021, Encompass announced its expansion into North America and has since successfully completed a $33M capital raise, launched a new digital transformation practice, engaged top U.S. banks, and received recognition and awards from leading industry groups.

“Regulatory pressure coupled with a mandate to implement more efficient, technology-driven methods of compliance has increased the demand for RegTech solutions, including Encompass’ automated corporate KYC platform,” said Alex Ford, President, North America at Encompass.

“Encompass entered the North American market well-positioned to take advantage of its unique technology and make an impact by providing a single point of access to integrated premium and public sources of global KYC data and documents. Since then, we have made marked progress, expanding our expert team, more than doubling our North American user base, and developing our product to meet client needs. This has included substantially increasing access to regional registries and data sources.  We have also established ourselves by joining with key industry networks locally, and continually driving awareness and recognition.”

Since its North American launch, Encompass has engaged 80% of its target market, reflecting strong interest from top U.S. banks, as well as global banks operating locally. These engagements have  evidenced potential time-savings of 90%. In addition, existing industry partnerships, such as those with Pega, Capgemini, and Accenture, among others, have accelerated the business’ mission.

Encompass completed a capital raise of approximately $33M in March 2022. 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.

It has also significantly expanded its team, including the appointment of a new Chief Revenue Officer, Steve Hadaway, the launch of a new KYC digital transformation practice and the hiring of U.S.-based KYC Transformation Director, Catherine Warren. Employee headcount in North America has doubled.

Among its industry acknowledgements, Encompass was recognized by Aite-Novarica Group, global advisory firm, as the winner of the 2022 Fraud & AML Impact Awards’ Best Know Your Customer/Business (KYC/KYB) Innovation. Encompass has also been a featured speaker at ACAMS’ events, American Bankers Association’s Regulatory Compliance Conference, and a number of other events.

 To learn more about Encompass and its corporate KYC automation platform, click here.

About Encompass

Encompass transforms regulatory compliance and customer onboarding for firms with Know Your Customer (KYC) automation. Our advanced technology, unrivaled data coverage and industry expertise help clients to safely grow their businesses and fight financial crime. The Encompass platform reduces the cost of KYC and improves time to revenue by providing KYC due diligence on demand, powered by intelligent process automation.

Across the globe, our customers include leading global banks and financial institutions, including Wolfsberg Group members. We have strategic alliances with a range of trusted data, technology and service providers.

Encompass was founded in Australia and has offices in New York, London, Amsterdam, Sydney, Singapore, Glasgow and Belgrade.

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