Verafin, a St. John’s-Canada-based financial crime management software company, completed a C$515m equity and debt recapitalization.
New equity financing was provided by Spectrum Equity’s current investing fund and Information Venture Partners’ (IVP) new fund with participation by new backers Northleaf Capital Partners, BDC Capital and Teralys Capital.
Senior debt financing for the transaction was led by Wells Fargo Capital Finance and included Scotiabank in the syndicate.
The funding will accelerate the company’s product innovation roadmap and the expansion of sales and marketing initiatives into large financial institutions.
Following the deal, Verafin co-founders, management and employees will collectively represent the largest shareholding group.
Led by Jamie King, CEO, Verafin provides a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing.
Nearly 3,000 banks and credit unions use the platform to fight financial crime and comply with regulations. Leveraging big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin reduces false positive alerts, delivers context-rich insights and streamlines the BSA/AML compliance processes faced by financial institutions.
FinSMEs
25/09/2019