Encompass Corporation raises £25m in funding to accelerate global growth
By Joy Dumasia
Encompass Corporation, the provider of intelligently automated Know Your Customer (KYC) solutions, announced the completion of a successful capital raise of £25 million.
Perennial Partners, a major Australian investment management company, served as the lead investor, joined by financial services focused 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, Tim Frost, ex-Chairman of IHS Markit, and experienced technology investor Ray Scott.
Encompass’ capital raise will be used to accelerate its growth globally, which has included office openings and extensive recruitment in New York and Amsterdam. The raise will also facilitate ongoing product innovation and development, undertaken from three main engineering centres in Sydney, Belgrade, and Glasgow. Encompass’ expansion will help it to meet the needs of existing global customers better, as well as to continue to onboard renowned financial institutions as it increases its international footprint.
The raise follows twelve months of significant growth in revenue, new accounts, and specialist industry experts to the business’ teams across the UK, Europe, Asia-Pacific, and the US.
Roger Carson, Co-Founder at Encompass, commented: “Today’s funding will help fuel Encompass’ rapid global expansion, especially as we make inroads in North America, with operations driven from New York, and continue to expand our presence in Europe. Expanding to new markets will add greater value to our business in a way that better serves existing customers and attracts additional global banks as new customers. We are excited to have new and existing investors support Encompass’ acceleration, expansion and vision to continue to be recognised globally as the leading provider of automation to the corporate KYC due diligence market.”
Sean Harpur, Co-Founder at Serendipity Capital, said: “Encompass’ successful funding represents the increasing value of solutions that digitise and automate regulatory screening and due diligence for the corporate KYC market. Designed to help banks simultaneously create a better customer experience and mitigate compliance risk at scale, we believe Encompass is exceptionally well-positioned to deliver in these areas for global banks, becoming the recognised global standard across RegTech, AML and KYC.”
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