Amsterdam-based ComplianceWise, a SaaS company that offers solutions to financial institutions and service providers such as accountants and tax advisors, announced on Thursday, October 6, that it has raised growth funding from Holland Capital.
The investment amount remains undisclosed.
According to ComplianceWise, its partners deal with the growing challenges of countering money laundering while complying with the Wwft (Money Laundering and Terrorism Financing Act). The company says that the raised capital will enable it to further develop its product portfolio and realise international growth ambitions.
Christiaan Dappers, CEO and founder of ComplianceWise, says, “With Holland Capital as our new partner, we are convinced that we can develop ComplianceWise into the lead player in the compliance market in Europe.”
Anti-money laundering SaaS solution
The requirements imposed on financial service providers by the Wwft are becoming increasingly stringent. The demand on financial service providers like accounting- and administration firms, tax advisors, and attorneys are increased by frequently complicated regulations and guidelines.
This is where ComplianceWise steps in. Founded in 2013 by Christiaan Dappers, the company offers customers SaaS solutions which allow them to fully comply with the Wwft.
ComplianceWise’s product portfolio consists of three SaaS solutions, all focused on Wwft compliance: Grub, CW360 and Annex IV.
- Grub is an AML software available for accountants, administrative staff, and tax offices, allowing them to adhere to all AML regulations.
- CW360 houses two solutions in one: Transaction Monitoring and Know Your Clients (KYC).
- Annex IV automates the reporting and production of AIF reports across all EU member states and in markets which have adopted the AIFMD regime.
Currently, the company has offices in Amsterdam and Luxembourg and serves over 400 customers. Its customer base includes accountants, administration firms, banks, and trust companies.
About Holland Capital
Holland Capital is one of the first independent private equity firms in the Netherlands. Since 1981, the firm has been investing in promising small and medium-sized Dutch businesses with growth ambitions. It has invested in more than 150 SMEs.
Jorg van der Heijden, partner at Holland Capital, says, “Our investment in ComplianceWise underlines the growing social importance of the Wwft and the added value of software solutions that assist in its implementation. We are excited about the opportunities we see in working with the ComplianceWise team.”
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