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Elevator Ventures and UNIQA Ventures invest in kompany.com

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UNIQA Ventures and Elevator Ventures Beteiligungs GmbH, a 100 per cent subsidiary of Raiffeisen Bank International have invested in kompany, a RegTech platform for Global Business Verification and Business KYC, while previous investors, including the European Super Angels Club (ESAC), have increased their stakes. 

“We have followed kompany’s success story for quite some time – we at UNIQA Ventures are convinced that now is the right time for outstanding RegTech startups to benefit from the digitalization of heavily regulated industries like banking and insurance,” says Andreas Nemeth, CEO of UNIQA Ventures.

RBI is investing in kompany via its corporate venture capital unit Elevator Ventures. kompany is an alumnus of the Elevator Lab Program and became a group solution provider to RBI last year. 

Hannes Cizek, Managing Director of Elevator Ventures and Head of Group Strategy & Innovation of RBI explains, “Solving regulatory and compliance issues efficiently is a high priority and an important part of our corporate policy. In this spirit, kompany offers an essential addition that both improves and simplifies RBI’s current compliance process.”

kompany combines Artificial Intelligence (AI), robotic process automation (RPA) and blockchain technology to deliver next generation Business KYC solutions. The service simplifies and audit-proofs business verification and client onboarding for financial institutions, insurance companies, corporations and FinTechs. The direct benefit for clients is significantly reduced onboarding time and compliance costs, leading to an overall competitive advantage.

kompany operates the largest proprietary corporate register network in the world with real-time access to primary source and audit-proof commercial register information covering more than 110 million companies in more than 200 countries and jurisdictions. This allows kompany to integrate audit-proof data natively into the products. kompany is consistently rated among the top five of the Global RegTech Top 100 in the fast-growing Business Verification market estimated to reach $11.8 billion by 2022.

“More than 18 months of intense product collaboration with RBI as a customer, resulted in extensive market insight and live market adaptation, helping to position us as an internationally recognised RegTech company. We welcome having both RBI and UNIQA join us as shareholders ahead of our upcoming growth funding round, which will enable us to strengthen our AI capabilities and blockchain based services,” says Russell E. Perry, CEO of kompany.com.

kompany was one of the first participants in the Elevator Lab Program 2017/18, RBI’s Fintech Partnership Program. The program helps scale-ups to collaborate with leading bank experts across RBI Group and resulted in a multi-year commercial agreement for kompany in 2018.

“We have seen the progress that kompany has made close-up after an intensive year of cooperation. This new investment recognises the progress the team has made as well as the growth opportunities on the horizon. We are looking forward to reaching the next milestone together,” says Cizek.

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