SmartSearch, one of the UK’s leading providers of RegTech software focused on anti-money laundering (AML) solutions, has announced that it has received a growth equity investment from global investment firm, Marlin Equity Partners.
As a leading provider in the UK AML market, SmartSearch’s software is available to 4,000 client firms and 40,000 users, enabling them to comply with the latest AML regulations, and fulfill their compliance obligations in customer-due-diligence (CDD) and know-your-customer (KYC).
Forty per cent of the top 100 accountancy firms use the software, as do 25% of the top 200 law firms – including three of the top five firms. Other users include banks, mortgage intermediaries and estate agents.
SmartSearch CEO, John Dobson, said: “We first met Marlin through an investment process we ran to find a partner; the high degree of interest in our business impressed everyone and Marlin stood out from the crowd.
“It was clear from our first meeting that Marlin has a deep understanding of our sector, our business model, and they had done their homework. They quickly demonstrated how they could add value to our business, and we had a strong meeting of minds with a common goal.”
SmartSearch’s software enables organisations to carry out AML checks without requiring clients to provide identity documents. Its automated verification approach is significantly more convenient for both users and their end customers, with individual AML checks taking less than 30 seconds, and business checks taking less than three minutes to process from start to finish.
Dobson added: “In SmartSearch we have created a unique AML compliance solution that enables our clients, with minimum effort and cost, to be AML compliant in the world’s most heavily regulated market. With Marlin’s help, we can dominate the UK market and create international versions of SmartSearch to serve new clients in markets around the world.”
Marlin Equity Partners invests in businesses across multiple industries where its capital base, industry relationships and extensive network of operational resources look to strengthen a company’s outlook. SmartSearch is the latest of more than 150 acquisitions since Marlin’s inception.
Marlin principal Roland Pezzutto commented: “SmartSearch’s robust regulatory compliance platform provides industry-leading accuracy rates and strong customer advocacy. With increasing regulatory scrutiny and the desire for seamless customer onboarding, SmartSearch is well-positioned to capitalise on the rapid shift toward digital verification solutions, and we look forward to collaborating with an exceptional management team to support the company’s rapid growth trajectory.”
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