After raising €31M and acquiring Assently, Stockholm’s Verified acquires RegTech startup Pliance

Stockholm-based Verified, a B2B SaaS company offering Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance solutions, announced on Thursday, May 11, that it has acquired Pliance, an AML automation platform.

This deal comes after Verified’s recent announcement of a €31M investment from Verdane and its acquisition of Assently, a digital identity verification company.

Verdane is a growth investment firm that partners with tech and sustainable European companies to help them reach the next stage of international growth. The firm has over €4.5B in total commitments and has backed over 150 businesses since 2003.

Nils Vold, Partner at Verdane, says, “Our research shows that the KYC and AML software market in Europe is expected to grow by +17 per cent CAGR and be worth around €4B by 2027. Verified is in a unique position to capitalise on that opportunity.”

“The company is growing organically at an impressive rate, and with Verdane’s backing Verified will continue to expand its offering through further acquisitions to become a European powerhouse. We’re delighted to welcome Pliance on board, and to congratulate Verified on another step towards market leadership.”

Automating AML processes

Founded in 2018 by Siam Choudhury, Tomas Einarsson and Adam Fürtenbach, Pliance is a RegTech (Regulatory Technology) company that specialises in automated financial crime compliance.

The company uses API-led enhanced automation to streamline the compliance process, assisting firms in identifying and preventing financial crime by automating AML activities including PEP, UBO, sanction screens, and ongoing monitoring for financial institutions.

Speaking on the acquisition, Siam Choudhury says, “We are excited to join the Verified family and contribute to the company’s mission of delivering best-in-class compliance solutions to businesses across Europe.”

“Our combined expertise and technological capabilities will enable us to provide an even more comprehensive and seamless compliance experience for our clients,” adds Choudhury.

Aim of this acquisition

The deal comes at a time when the need for effective KYC and AML compliance technologies is high. Firms are looking for partners to assist them in meeting rising compliance requirements as authorities tighten their control over the financial services, real estate, and professional services sectors.

Verified, with its ongoing expansion and service diversification, says that the acquisition of Pliance will boost its position in the European market.

Verified will be able to provide an even more complete range of KYC and AML solutions by incorporating Pliance’s technology and subject-matter knowledge, helping companies throughout the region to quickly comply with complex regulatory requirements.

Tommy Jarnemarck, CEO of Verified, says, “With the acquisition of Pliance, Verified is poised to become the go-to partner for organisations seeking cutting-edge, fully integrated compliance solutions.”

“By combining the innovative technology and domain expertise of Pliance with our already robust offering, we will deliver an unparalleled level of service to our customers, helping them navigate the ever-evolving regulatory landscape with ease and confidence.”

“We are excited to welcome Siam and his team to the Verified family, joining our mission to support customers with a full-service solution for your business’ compliance needs,” adds Jarnemarck.

According to Pliance, its technology will enhance Verified’s current offering of KYC/AML services, including their collaboration with recently acquired Assently, which specialises in secure and user-friendly digital identity verification.

About Verified

Founded in 2012, Verified provides KYC and AML compliance solutions, with a full range of services intended to make it easier for businesses to navigate the complicated regulatory landscape. 

The company has partnered with over 4,000 customers in regulated and unregulated industries including healthcare, financial services, insurance, travel and construction sectors.