RegTech 100 company W2 Global Data, an identity verification provider, has raised £1.25m in a funding round.
Participation to the round came from Mercia Fund Managers, Development Bank of Wales and TTI Angels. This investment beings W2’s total funding efforts to £3m, following an initial wave of capital, which was supplied by Mercia Fund Managers last year.
Wales-based W2 provides identity verification services to prevent fraud and money laundering. By using thousands of government and commercial data sources to verify whether data is given by genuine individuals or are false and from criminals.
Its SaaS tools enable payment companies and financial services to screen clients and managers, and provide online retailers with verification software for the identity of purchasers in card transactions.
Founded in 201, the company has seen demand for its services have ‘far outgrown our earlier projections’, this is due to rapid the growth of online fraud and increased regulations. Over the past year, the company has doubled its team headcount.
Mercia Fund Managers investment director Julian Dennard said, “There is a growing global demand for the fraud detection and identity verification services that W2 provides. The company has a strong management team and an excellent reputation in the market. This latest funding round will allow it to build its team, enhance its platform and accelerate growth.”
Last year, W2 Global was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
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