Austrian Regtech Gets Funding from Raiffeisen Bank Internationalby Company Announcement August 8, 2019
Elevator Ventures, a 100 percent subsidiary of Raiffeisen Bank International (RBI) have invested in kompany, an Austrian RegTech platform for Global Business Verification and Business KYC, while previous investors have increased their stakes.
RBI is investing in kompany via its corporate venture capital unit Elevator Ventures. kompany is an alumnus of the Elevator Lab Program and became a group solution provider last year.
Hannes Cizek, Managing Director of Elevator Ventures and Head of Group Strategy & Innovation explains,
“Solving regulatory and compliance issues efficiently is a high priority and an important part of our corporate policy. In this spirit, kompany offers an essential addition that both improves and simplifies RBI’s current compliance process.”
Next-Generation Business KYC
kompany combines Artificial Intelligence (AI), robotic process automation and blockchain technology to deliver Business KYC solutions. The service simplifies and audit-proofs business verification and client onboarding for financial institutions, insurance companies, corporations and FinTechs. The direct benefit for clients is significantly reduced onboarding time and compliance costs, leading to an overall competitive advantage.
kompany operates the largest proprietary corporate register network in the world with real-time access to primary source and audit-proof commercial register information covering more than 110 million companies in 200+ countries and jurisdictions. This allows kompany to integrate audit-proof data natively into the products.The fast-growing Business Verification market estimated to reach $11.8 billion by 2022.
“More than 18 months of intense product collaboration with RBI as a customer, resulted in extensive market insight and live market adaptation, helping to position us as an internationally recognized RegTech company. We welcome having both RBI and UNIQA join us as shareholders ahead of our upcoming growth funding round, which will enable us to strengthen our AI capabilities and blockchain based services,”
says Russell E. Perry, CEO of kompany.com.
Early Access to the Latest Regulatory Technology for RBI
kompany was one of the first participants in the Elevator Lab Program, RBI’s Fintech Partnership Program. The program helps scale-ups collaborate with bank experts across RBI Group and resulted in a multi-year commercial agreement for kompany in 2018.
Featured image credit: kompany