Fintech Encompass Corporation raises £25m
Scotland-based Encompass Corporation, the provider of intelligently automated KYC solutions, just announced a capital raise of £25M.
The investment comes from a group of investors led by Perennial Partners who were joined by Serendipity Capital, Seven Seat Capital, and Microequities Asset Management as well as 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.
This new funding round will help accelerate Encompass’ global growth as well as facilitating ongoing product innovation and development in at their Glasgow office as well as other locations. Glasgow. This follows a significant growth in revenue recorded in the last year.
Roger Carson, co-founder at Encompass commented:
“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 recognised globally as the leading provider of automation to the corporate KYC due diligence market.”
Sean Harpur, co-founder at Serendipity Capital
“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.”
Today’s news follows a round of funding in 2020, as well as Encompass’ expansion into North America in late 2021.