W2 Global Data, an identity verification service provider, has raised £3m in its Series A financing round.
The funding, which came from Mercia Technologies and the Development Bank of Wales, will be used to further expand its sales and marketing efforts. Capital will also be used to broaden and accelerate product development and extend its global reach.
Founded by Warren Russell in 2011, W2 enables customers to streamline customer acquisition and manage regulatory risk by performing real-time identity verification, anti-money laundering and anti-fraud checks against consumers and corporates on an international scale.
The company targets firms in the regulated, government and business community across the globe, and is primarily focused on selling to the gaming, payments and foreign exchange markets.
Julian Viggars, chief investment officer of Mercia Technologies, said: “Having initially backed W2 through our managed funds, we are delighted to continue to support the business and its highly experienced management team as it becomes the latest Emerging Star to join our direct investment portfolio. SaaS technology continues to be one of Mercia’s key areas of focus and we see significant potential for delivering shareholder value over the medium term as W2 continues to grow.”
The company’s single platform offers instantaneous age and identity verification, AML checks, fraudulent behaviour analysis, black and white lists, affordability assessment, facial comparison and ongoing monitoring, all powered by machine learning and intelligence. ts customers include gohenry, Caxton, Lottoland, wirecard , Uaccount, DigitalPayments, Transact Payments, GPS, Brabners, and GVC Holdings.
Richard Thompson, senior investment executive at development bank of Wales, added: “We are thrilled to once again be co-investing with Mercia in this latest round to support Warren and his team. W2 has made tremendous progress in recent years and we are excited to see what this funding will bring to the business. With this investment and the increasing demands in regulatory compliance W2 are well positioned to become a leading player in their market.”
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