Verafin provides a cloud-based platform for fraud detection and management, BSA/AML compliance, high-risk customer management, and secure information sharing. Nearly 3,000 banks and credit unions use Verafin, and over 1,000 Verafin clients plus 900 additional financial institutions have adopted its FRAMLxchange collaboration platform. The company reported C$100 million in annual recurring revenue as of Q1 2019 (an 87% increase since early 2017), 108% growth in sales bookings between 2017 and 2019, and 102% growth in average deal size over the same period. Verafin consistently achieves a 97% annual customer renewal rate, has signed 25 institutions with over US$5 billion in assets in the last 18 months, and maintains a development team of over 400 developers. Its product emphasizes big-data intelligence, visual storytelling and collaborative investigation to reduce false positives and streamline AML compliance. Management says the company will continue investing in product innovation and customer success as it pursues aggressive growth plans while remaining independent. Verafin is an enterprise FRAML software provider delivering behavior‑based customer risk analytics together with case management and regulatory reporting. Its solutions are delivered via a continuously updated SaaS platform to help clients meet BSA, USA PATRIOT Act, and FATCA requirements. The product suite automates and strengthens clients’ compliance programs and enables an enterprise view of customer activity. Verafin reports a customer base of over 1,100 financial institutions across North America and holds industry endorsements from multiple state bankers’ associations and CUNA, with endorsements in 44 U.S. states. The company positions itself as the exclusive fraud detection and BSA/AML provider for several banking associations. To support continued expansion, Verafin planned to invest the proceeds into its market‑leading SaaS platform and ongoing product enhancements. Verafin provides anti-money laundering (AML) and fraud detection solutions to the financial services industry. The company closed a $5.5m equity financing to support product expansion. Proceeds are intended to help Verafin extend its offering to a wider range of institutions, including the larger bank market. As part of the investment, two RBC Venture Partners executives will join Verafin’s board of directors. Participants in the round included RBC Venture Partners, current investor Killick Capital and founding investor Jamfin. Verafin is based in St. John’s, Newfoundland and Labrador.

Total raised

$449M

Funding rounds

4

Latest round

Equity

Latest activity

Sep 2019