RegTech company Contego Fraud Solutions nets £3.5m

RegTech company Contego Fraud Solutions has netted a £3.5m investment led by Maven Capital Partners.

Maven has contributed £1.8m to the fundraise, while NVM Private Equity has committed £1.5m to the investment. The remaining £200,000 was collected from a group of existing investors.

Founded in 2010, Contego offers an automated compliance solution for the banking, financial services, property and public-sector companies. The platform helps businesses gain a clearer picture of its clients, customers and employees by automating onboarding, monitoring and data enrichment processes.

Contego performs screening, verification and vetting assessments including KYC, AML, ‘Right to Work’ checks, ‘Right to Rent’ checks and counter-party risk management.

This investment will allow the company to increase product development, add commercial resources and enter new markets.

Adrian Black, CEO of Contego commented: “We know that clients value being able to tailor our platform to perform complex checks for a variety of scenarios. They can choose from the widest range of available data, seamlessly integrating into their existing processes, backed by high levels of security, robustness and availability.”

This latest investment brings the company’s total funding to around £4.7m.

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