Kompany, an Austrian platform for business “know your customer” (KYC) anti-fraud regulations, has raised €6 million led by Fairway Global Investment and Japanese VC Global Brain. Previous investors, including the European Super Angels Club, and the startup’s management team also participated in the round. Founder and CEO Russell Perry provided a dense summary about the investment in his company: “The smart money understands that regtech is about turning the burden of compliance into a competitive advantage by enabling customers to drastically reduce client onboarding times by 90 percent and by completely digitising the process.” Indeed, both leading investors seem to understand the benefits of digitised KYC and want the Austrian startup’s services to be implemented in their immediate circles. Naoki Kamimaeda of Global Brain said that kompany’s offering is “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.” Founded in 2012, the business is headquartered in Vienna with offices in the UK and Singapore. The fresh funding, which brings total raised to €14 million, will help the team continue to grow internationally and expand two new product lines: an AI-based shareholder analysis tool called UBO discovery and an audit-trail solution called KYC onchain. Perry added kompany has another specific goal in mind: “Our vision is to enable the 5 second cross-border payment with full AML and KYB compliance embedded. If you have ever wondered why an international bank transfer can take hours or frequently days to post, it is directly linked to regulatory requirements and our platform replaces those legacy practices.”
Photo: kompany's management, copyright kompany
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