Verafin secures USD 515 mln funding for fraud detection services

Thursday 26 September 2019 10:59 CET | News

Financial crime management software company Verafin has secured a half-billion dollars in debt and equity financing to spur expansion among large banks.

The USD 515 million in recapitalisation comes from Spectrum Equity and Information Venture Partners. Its client list includes almost 3,000 banks and credit unions across North America, and through this financing round, Verafin is allowed to accelerate their investments in product innovation and customer success.

Verafin will use the new capital to maintain a speedy clip of growth that’s seen 25 financial institutions with more than USD 5 billion in assets sign on to its services in the last 18 months. Spectrum will continue to back Verafin’s product-innovation led go-to-market strategy. Moreover, US-based independent investment bank and financial services company Houlihan Lokey served as financial adviser to Verafin.

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Keywords: Verafin, debt, equity funding, fraud detection, banks, financial crime, fraud, credit unions, US, financial institutions
Countries: World

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