Moody’s Corporation purchases pair of RegTech companies

Moody’s Corporation has acquired compliance automation platform PassFort and is set to purchase 360kompany, an onboarding technology developer.

These acquisitions are being made to complement Moody’s technology, data and analytical capabilities, and enhance its customer solutions for KYC, anti-money laundering, compliance and counterparty risk.

Moody’s did not disclose the size of the deals. The PassFort acquisition was funded through cash, while the company transaction was facilitated by cash and shares of Moody’s Corporation common stock.

These deals follow Moody’s recent investments into its KYC capabilities. The RegTech company hopes the to integrate both platforms into its KYC business within Moody’s Analytics, where it will augment the Orbis company database and GRID databased of risk profiles, adverse news, politically exposed persons and sanctions.

Speaking on the acquisitions, Moody’s general manager Keith Berry said, “Our customers rely on our data and analytical tools to make decisions about who they do business with. PassFort and kompany are innovators in the compliance and regulatory space, and their technologies will upgrade and accelerate our customers’ onboarding and monitoring processes.”

PassFort is a UK-based SaaS-based workflow platform for identity verification, customer onboarding, and risk analysis. Its technology supports data from over 25 third-party providers and automates the collection, verification and secure storage of customer and supplier due diligence documentation.

It will provide Moody’s with a suite of KYC and compliance offerings that create a holistic workflow, covering credit, cyber, ESG, and climate analytics.

PassFort recently raised $16.2m in its Series A funding round, which was backed by private equity firm Level Equity, and others.

kompany, which is based in Austria, offers audit-proof business verification and KYC, and operates a network of primary source information on over 115 million companies in 200 jurisdictions.

The company’s API will provide customers of Moody’s with a complete analysis and entity verification in real-time, as well as retrieve original company filings and documents to meet their regulatory demands.

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