KYC and risk screening company International Screening Solutions (ISS) has closed a $1.5m funding round led by a group of technology-focused angel investors.
This angel group was led by seasoned investor and ISS board member Tom Cardy. Other contributions came from Florida-based Naples Technology Ventures.
Following the close of the round, ISS hopes to improve sales and marketing efforts to support its expansion in the US, Europe and Asia – the platform currently has a number of partnerships and customer relationships in he regions.
The RegTech startup expects to fund its currently initiatives which are on course to double its revenue of last year, and then a similar growth for 2020, it said.
Founded in 2007, ISS has developed the WorldWatch Plus solution, a screening tool which searches thousands of data sources in seconds and identifies AML and KYC programs. The solution eliminates false positives and accelerates customer due diligence processes.
Its products are used by background screening and due diligence companies, financial institutions, FinTechs, insurance firms and other corporate clients.
Naples Technology Ventures managing partner Mike Abbaei said, “We are very excited to partner up with ISS and adding them to our portfolio. The regulatory and compliance arena is a fast-growing market and ISS with its experienced management team is one of the strongest players in this market.”
