HomeAustria-StartupsVienna-based RegTech kompany lands €6 million to further develop its KYC services

Vienna-based RegTech kompany lands €6 million to further develop its KYC services

Austrian startup kompany, a RegTech platform for Business KYC (KYB), has announced a new investment of almost €6 million, the company’s largest single investment round to date. 

Fairway Global Investment led the round, together with Global Brain, a major venture capital firm based in Tokyo, Japan, who acted as co-investor. Both are global investors in RegTech, FinTech and the payment sector and expect their portfolio companies to benefit from kompany’s technological lead in Business KYC (KYB). Existing shareholders, including the European Super Angels Club and the kompany management team also participated in this round. 

“kompany’s Business KYC services have been shown to bring significant efficiency gains for their clients and are particularly relevant to our investments in the payments sector and also our corporate partners. We look forward to leveraging this new partnership with kompany to support our other portfolio companies and partners”, said Naoki Kamimaeda, Partner at Global Brain.

“Our vision is to enable the 5 second cross-border payment with full AML and KYB compliance embedded”, explained founder and CEO Russell Perry. “If you have ever wondered why an international bank transfer can take hours or frequently even days to post – it is directly linked to regulatory requirements and our platform replaces those legacy practices.” 

The kompany team has doubled in the last year to outpace the new regulatory realities of highly enforced Anti-Money Laundering regulation in Europe (AMLD 4&5) and the pending US AML regulation. Additionally, potentially due to government COVID-19 support, the startup has seen a market rush to rapidly digitize and automate formerly manual compliance processes. As a result, market interest has seen the value of kompany’s sales pipeline increase to an eight-figure number in the last twelve months. 

The new fundraising round directly supports the further development of two key technologies: the AI-based instant shareholder discovery and the fusion of Digital Identity with Business KYC (KYB) for cross-border payments.  

John Vorrias, Chief Investment Officer at Fairway Global Investment added: “RegTech generally, and kompany specifically has the potential to be a game-changer in terms of the broad use-case applications across multiple industries and segments. And kompany operates the only real-time proprietary global register network that connects to primary source commercial registers and financial & tax authorities in over 200 countries and jurisdictions.”

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Charlotte Tucker
Charlotte Tucker
Charlotte is the previous Editor at EU-Startups.com. She spends her time scouting the next big story, managing our contributor team, and getting excited about social impact ventures. She has previously worked as a Communications Consultant for number of European Commission funded startup projects.

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