Regtech provider Encompass raises $33m to fuel global growth

Encompass Corporation, a UK-based provider of know your customer (KYC) solutions, has completed a capital raise of £25 million ($33 million).

Encompass raises $33m

Perennial Partners, an Australian investment management company, was the lead investor, joined by 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, including Alan McIntyre, former global head of banking services at Accenture, and Tim Frost, ex-chairman of IHS Markit, as well as technology investor Ray Scott.

The regtech vendor says the new capital will be used to accelerate its growth globally, including “extensive recruitment” in its new offices in Amsterdam and New York. Encompass launched its North American operations at the end of last year.

Money will also be invested in “ongoing product innovation and development”, which is undertaken from three main engineering centres in Sydney, Belgrade, and Glasgow.

It will also focus on adding global banks to its client list.

“The raise follows twelve months of significant growth in revenue, new accounts, and the addition of specialist industry experts to the business’ teams across the UK, Europe, Asia-Pacific, and the US,” Encompass states.

Roger Carson, co-founder at Encompass, aims to become “the recognised global standard across regtech, AML [anti-money laundering], and KYC”.

Encompass was founded in 2012 in Australia. It now has its office in London, UK. Among its clients are Santander and Invidem (a KYC company owned by a group of Nordic banks).

In spring 2021, it raised an undisclosed sum from Beacon Equity Partners, a Boston-based private equity group focused on regtech and compliance companies. Beacon joined with existing investors in a broader capital round in 2020.

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