Encompass Corporation Reports Significant Progress in North American Market

RegTech
18.10.2022 01:40 pm

Encompass Corporation, the provider of the leading Know Your Customer (KYC) automation platform, today announced significant progress in expanding its footprint and awareness in North America, a year after launching in the region.

In October 2021, Encompass announced its expansion into North America and has since successfully completed a $33M capital raise, launched a new digital transformation practice, engaged top U.S. banks, and received recognition and awards from leading industry groups.

“Regulatory pressure coupled with a mandate to implement more efficient, technology-driven methods of compliance has increased the demand for RegTech solutions, including Encompass’ automated corporate KYC platform,” said Alex Ford, President, North America at Encompass.

“Encompass entered the North American market well-positioned to take advantage of its unique technology and make an impact by providing a single point of access to integrated premium and public sources of global KYC data and documents. Since then, we have made marked progress, expanding our expert team, more than doubling our North American user base, and developing our product to meet client needs. This has included substantially increasing access to regional registries and data sources. We have also established ourselves by joining with key industry networks locally, and continually driving awareness and recognition.”

Since its North American launch, Encompass has engaged 80% of its target market, reflecting strong interest from top U.S. banks, as well as global banks operating locally. These engagements have evidenced potential time-savings of 90%. In addition, existing industry partnerships, such as those with Pega, Capgemini, and Accenture, among others, have accelerated the business’ mission.

Encompass completed a capital raise of approximately $33M in March 2022. Perennial Partners, a major Australian investment management company, served as the lead investor, joined by financial services-focused principal investing firm Serendipity Capital, Seven Seat Capital, and FinTech investment firm Microequities Asset Management.

It has also significantly expanded its team, including the appointment of a new Chief Revenue Officer, Steve Hadaway, the launch of a new KYC digital transformation practice and the hiring of U.S.-based KYC Transformation Director, Catherine Warren. Employee headcount in North America has doubled.

Among its industry acknowledgements, Encompass was recognized by Aite-Novarica Group, global advisory firm, as the winner of the 2022 Fraud & AML Impact Awards' Best Know Your Customer/Business (KYC/KYB) Innovation. Encompass has also been a featured speaker at ACAMS’ events, American Bankers Association’s Regulatory Compliance Conference, and a number of other events.