Encompass Corporation, a provider of automated know your customer (KYC) solutions, has raised approximately $33 million in capital to accelerate its growth globally.
The regtech firm is based in the UK but has opened offices and undertaken extensive recruitment in New York and Amsterdam after 12 months of significant revenue growth and the acquisition of new clients.
Encompass also intends to use the new capital to fund ongoing product innovation and development, undertaken from three main engineering centres in Australia, Serbia, and Scotland. Its solutions digitise and automate regulatory screening and due diligence for corporate KYC.
Perennial Partners, an 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.
Commenting on the capital 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.”