Ethiopian Review

Verafin Inc., a St. John’s, Newfoundland-based provider of anti-money laundering and fraud detection solutions for the financial services industry, has raised C$5.5 million in VC funding from RBC Venture Partners.

PRESS RELEASE

Verafin Inc., a leader in anti-money laundering (AML) and fraud detection solutions for the financial services industry, today announced the successful closing of a $5.5 million equity investment. The financing was led by RBC Venture Partners, the venture capital investment arm of Royal Bank of Canada.

“This equity investment by RBC Venture Partners is a validation of Verafin’s business strategy and our ability to provide a comprehensive risk management and compliance tool for financial institutions,” said Jamie King, president of Verafin. “The advanced capability of our AML and compliance solution has been widely recognized by credit unions and banks in Canada and the U.S. This investment will support Verafin as we continue to extend our offering to a wider range of institutions including the larger bank market.”

Verafin’s software helps hundreds of financial institutions across North America detect suspicious activity and mitigate financial crime, while also ensuring compliance with industry regulations. Its AML and fraud detection solution addresses customer and institutional risk scoring, suspicious activity detection, watch listing scanning, case management, and automated compliance reporting.

As part of this new investment, Robert Antoniades, Managing Director and David Unsworth, Director of RBC Venture Partners, will be joining Verafin’s board of directors. “We’re excited by the potential of Verafin’s technology and its potential for growth and expansion in the U.S.,” Antoniades said. “Through our investment, Verafin should be able to further develop its product offering, and advance the company’s sales and marketing activities.”

Current investor Killick Capital, a leading Atlantic Canadian Private Equity firm, and founding Verafin investor Jamfin Inc. also participated in the $5.5 million round of funding.

Based in St. John’s, Newfoundland and Labrador, Verafin was recently recognized as a Canadian Innovation Leader by the Government of Canada and has also been named one of Atlantic Canada’s fastest growing companies by Progress Magazine.

Unlike most other providers, which use complicated rules-based systems, Verafin uses a next generation behavior-based AML system. This has allowed Verafin to provide customers with a more effective, user-friendly solution to support fraud detection requirements. This approach to AML and fraud detection also allows Verafin to continuously evolve its solution, keeping pace with the increasingly sophisticated techniques used in financial crime.

- By admin | PE Hub News