RegTech scaleup kompany has closed a new venture deal supported by Elevator Ventures, Raiffeisen Bank International´s (RBI) venture capital arm, and UNIQA Ventures, the VC firm.
Existing investor European Super Angels Club also injected money into the latest round. The total sum invested this time was not disclosed.
The Vienna-headquartered business is the developer behind a business verification and know-your-customer (KYC) platform. It combines artificial intelligence (AI), robotic process automation (RPA) and blockchain technology to simplify and audit-proof business verification and client onboarding for financial institutions, insurance companies, corporations and FinTechs.
Moreover, since being founded in 2012, the business has created a vast proprietary corporate register network that provides real-time access to primary source and audit-proof commercial register information. It covers more than 110 million companies in more than 200 countries and jurisdictions. The benefit of this register is that kompany can integrate audit-proof data natively into the products. It is one of the many reasons why it was rated among RegTech Analyst’s RegTech 100 list of the sector’s most innovative businesses in 2019.
Hannes Cizek, managing director of Elevator Ventures, explains that solving regulatory compliance issues is a priority for RBI. “In this spirit, kompany offers an essential addition that both improves and simplifies RBI’s current compliance process,” he continued.
This is not the first time kompany has been working closely with RBI. Not only is the business an alumnus of the Elevator Lab Program, it also became a group solution provider to the bank in June 2018.
Commenting on the partnership, Russell Perry, CEO of kompany, said, “More than 18 months of intense product collaboration with RBI as a customer, resulted in extensive market insight and live market adaptation, helping to position us as an internationally recognized RegTech company. We welcome having both RBI and UNIQA join us as shareholders ahead of our upcoming growth funding round, which will enable us to strengthen our AI capabilities and blockchain based services.”
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