Anti-money laundering (AML) software provider SmartSearch has raised a growth equity investment from Marlin Equity Partners, the private equity firm.
The firm did not disclose the sum invested in the growth equity round.
SmartSearch’s software empowers organisations to carry out automatic AML checks without requiring clients to provide identity documents.
Today, 4,000 firms and 40,000 users use the software to comply with their AML and know-your-customer obligations. SmartSearch claims its software is used by 40% of the top 100 accountancy firms, 25% of the top 200 law firms, banks, mortgage intermediaries and estate agents.
John Dobson, CEO of SmartSearch, said the company picked Marlin Equity Partners as an investor as the firm could clearly demonstrate how it would add value to SmartSearch.
Roland Pezzutto, a principal at Marlin Equity Partners, added, “SmartSearch’s robust regulatory compliance platform provides industry-leading accuracy rates and strong customer advocacy. With increasing regulatory scrutiny and the desire for seamless customer onboarding, SmartSearch is well-positioned to capitalize on the rapid shift toward digital verification solutions and we look forward to collaborating with an exceptional management team to support the company’s rapid growth trajectory.”
The investor made the news in January this year when it agreed to AppRiver’s, a cloud-based cybersecurity business, exit in a sale worth $275m.
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