Today, real-time UK KYC company Encompass announced its acquisition of CoorpID and Blacksmith KYC from ING to develop a market-leading platform that solves the critical challenge of identifying and verifying corporate and institutional clients.
Dutch startup CoorpID was founded by ING Labs in 2018 in response to the complex KYC challenges ING and the broader market faced. It allows global banks to automate outreach and gather private KYC data directly from corporate banking customers, providing a repository enabling companies to manage all their banking relationships.
Today, CoorpID services over 500+ multinationals across Europe, helping them collate, manage, and share relevant corporate data.
The acquisition enables Encompass to build a complete KYC profile, combining authoritative public information with private information directly from customers.
For the first time, financial institutions now have a complete Corporate Digital Identity – providing a unified source of truth and unrivalled visibility into risk.
Encompass has complemented this with another acquisition, bringing Singapore company Blacksmith KYC into the fold.
The money spent in the deal was not disclosed, but Encompass will acquire 100 percent of CoorpID and Blacksmith. This creates a platform that will transform the KYC process across the industry. ING will be a stakeholder and development partner to Encompass.
Wayne Johnson, co-founder and CEO of Encompass, said:
"Today is a momentous occasion for our business and one I could not be prouder to see.
"ING's commitment to supporting and fuelling KYC excellence has led to the successful journeys of CoorpID and Blacksmith KYC.
The combination of these two businesses' technology and market expertise is the perfect match for Encompass.
"CDI is the future of our industry, solving critical problems for the banks we serve, and these acquisitions represent a huge step forward in bringing our vision, which will transform KYC, to life.
I could not be more excited as we embark on this next phase and fully believe in what we collectively bring, with much more on the horizon."
Ivar Lammers, Global Head of Financial Crime Wholesale Banking at ING, said: "I am very proud of the sale of our KYC innovations that have reached the time for the next chapter of their journeys.
"Encompass, CoorpID and Blacksmith have been established with the customer at heart, which connects them and has been their recipe for success.
Together, they will continue to provide a first-class customer experience with smart, tailored offerings that address our clients' and industry's needs and challenges, now and in the future.
"I have no doubt Encompass is the ideal partner to take our foundations to the next level."
Image: (L-R) Wayne Johnson, co-founder and CEO of Encompass Corporation and Ivan Lammers, Global Head of Financial Crime Wholesale Banking at ING. Credit: Marco Sweering.