Encompass raises USD 33 mln in funding to automate KYC for banks

The raise will also facilitate ongoing product innovation and development, undertaken from three main engineering centres in Sydney, Belgrade, and Glasgow. Encompass’ expansion will help it meet the needs of existing global customers, as well as to continue to onboard financial institutions, as it increases its international footprint.

Company officials explained that expanding to new markets will add greater value to their business in a way that better serves existing customers and attracts additional global banks as new customers. They are happy to have new and existing investors support Encompass’ acceleration, expansion, and vision to continue to be recognised as a provider of automation to the corporate KYC due diligence market.

Investors chose to back Encompass because they believe it is designed to help banks while creating customer experience, and mitigating compliance risk at scale. The news follows a round of funding in 2020, as well as Encompass’ expansion into North America in late 2021.