Sweden's Verified, a compliance solutions company has acquired Pliance, a regtech start-up specialising in automated financial crime compliance. This news comes only a month after Verified's announcement of a €31 million investment from Verdane and its acquisition of digital identity verification company, Assently.
By integrating Pliance's advanced technology and expertise, Verified will be able to offer an even more comprehensive suite of Know Your Customer (KYC) and Anti-Money Laundering (AML) solutions, enabling businesses across the region to more efficiently and effectively comply with complex regulatory requirements.
"With the acquisition of Pliance, Verified is poised to become the go-to partner for organisations seeking cutting edge, fully integrated compliance solutions," says Tommy Jarnemarck, CEO of Verified. "By combining the innovative technology and domain expertise of Pliance with our already robust offering, we will deliver an unparalleled level of service to our customers, helping them navigate the ever-evolving regulatory landscape with ease and confidence. We are excited to welcome Siam and his team to the Verified family, joining our mission to support customers with a full-service solution for your business’ compliance needs."
"We are excited to join the Verified family and contribute to the company's mission of delivering best-in-class compliance solutions to businesses across Europe," says Siam Choudhury, CEO of Pliance. "Our combined expertise and technological capabilities will enable us to provide an even more comprehensive and seamless compliance experience for our clients. As well as being an excellent culture fit, we share a strong commitment to our customers."
With Verified snapping up companies left, right and centre it doesn't look like there are any signs of that slowing down, not on Verdane's watch.
“Our research shows that the KYC and AML software market in Europe is expected to grow by +17% CAGR and be worth around €4bn by 2027,” says Nils Vold, Partner at Verdane. “Verified is in a unique position to capitalise on that opportunity. The company is growing organically at an impressive rate, and with Verdane’s backing Verified will continue to expand its offering through further acquisitions to become a European powerhouse. We’re delighted to welcome Pliance on board, and to congratulate Verified on another step towards market leadership.”