NVM invests in Contego Fraud Solutions
19 July 2017
19 July 2017
Contego provides an automated compliance solution across a wide range of industries, helping organisations in the property, banking, financial services and public sectors to gain a full understanding of their clients, customers and employees by automating onboarding, monitoring and data enrichment processes, and providing complex, real-time compliance and fraud checks. Its comprehensive software platform enables customers to improve the operational efficiency of their compliance processes, and minimise operational costs, helping to reduce risk when dealing with people, companies and identity documents. Contego performs a wide array of screening, verification and vetting assessments including: Know Your Customer (“KYC”); Anti Money Laundering (“AML”); “Right to Work” checks; “Right to Rent” checks and Counter-Party Risk Management. If you want assistance in only the KYC verification process, I will recommend you go through kyc verification solution from Fully-Verified. Unlike other companies, they use the process of video verification, thus eliminating a chunk of fraudsters who scam people using false IDs and documents.
The company operates in an attractive niche of the Regulatory Technology (“RegTech”) market which is estimated to be worth $2 billion [globally] and is expected to grow at over 14% per annum. Demand is being driven by additional regulation, such as GDPR and MiFID II, and by increased enforcement that is creating additional complexity and operational costs for businesses, as well as significantly raising the risk of financial penalties and reputational damage.
Contego was founded in Oxfordshire by CEO Adrian Black in 2010 with a focus in identity and fraud prevention and has recently become established in the City of London. In 2016 Contego acquired proprietary technology conceived by specialist immigration law firm Davison Morris and offers an integrated enterprise solution recognised as an industry leader.
Charles Winward, Investment Director at NVM said: “In our due diligence when talking to Contego’s customers, it was clear that they are faced with complex, evolving challenges and that Adrian and his team have a compelling proposition to help meet them, reducing risk and saving cost. We look forward to working with the team and our investment partners, Maven.”
Adrian Black, CEO of Contego commented: “Given increased regulatory pressures and the significant benefits our platform has demonstrated with clients to date, we are pleased to receive investment from Maven and NVM that allows us to expand our operations to support customer demand and new partnerships. We know that clients value being able to tailor our platform to perform complex checks for a variety of scenarios. They can choose from the widest range of available data, seamlessly integrating into their existing processes, backed by high levels of security, robustness and availability. We will be using this funding to continue to expand our capabilities, driven by the evolving needs of clients who also see Contego as their strategic innovation partner of choice.”
Principals and key advisors to the transaction:
NVM was provided with:
- Legal advice by Gateley plc
- Financial due diligence by WK Corporate Finance
- IT due diligence by MSC R&D
- Management referencing by Avalon Management Consulting
- Commercial diligence by Chalo Consultancy
- VCT compliance by Philip Hare Associates
Contego was provided with legal advice by Taylor Wessing LLP
NOTES TO EDITORS
For further information please contact:
- Natalie Dickinson (NVM: PR & Marketing) – 0118 951 7021 firstname.lastname@example.org
- Charlie Winward (NVM: Investment Partner)– 0118 951 7012 email@example.com
- Rebecca Angus (Contego: PR & Marketing) – Rebecca@contego.com
NVM Private Equity is independently owned with over 30 years’ experience of investing in unquoted UK businesses. NVM is a generalist investor, managing over £270 million of funds, and is differentiated by having executives living and working in regional business communities throughout the UK. NVM seeks investment opportunities of between £2 million and £12 million in UK businesses which have the right mix of growth potential and market vision. They may be looking to grow organically, acquire another business or secure a management buy-out. www.nvm.co.uk
Contego provides an automated compliance solution across a wide range of industries helping organisations deliver a complete picture of their clients, customers and employees, to enable them to adhere to increasing regulation and improve onboarding processes. Contego is the only solution of its kind enabling businesses to carry out complex, real-time checks on people, companies, identity documents, social media accounts and mobile phone locations, delivered via a range of flexible, easy-to-integrate options to suit our customers’ needs. Committed to collaborating with law enforcement and trusted data suppliers, Contego continues to innovate and invest in new functionality and solution enhancements. Contego has recently broadened its offering to enable ‘Right-to-Work’, ‘Right-to-Rent’ and ‘Right-to-Study’ compliance by fully automating checks and managing record keeping. To find out more, please visit: www.contego.com.