Welsh KYC firm W2 Global Data raises £1.25m funding
Wales-based W2 Global Data has closed a £1.25 million funding round backed by Mercia Fund Managers, Development Bank of Wales and TTI Angels.
The firm, which offers know your customer (KYC), anti-money laundering (AML) and fraud prevention solutions, told Business News Wales that it has doubled in size since the beginning of the year, and is now planning to recruit a further 20 staff.
The latest funding round follows an initial investment by Mercia and the development bank in 2017 and brings the total amount raised by the company to over £3 million.
Warren Russell, W2 Global Data’s CEO, says: “The rapid growth of online fraud and increased regulation is putting real pressure on banks, financial services, online retailers and other businesses to verify their customers’ identity. Demand for our services has far outgrown our earlier projections and we have doubled our headcount over the past year.”
W2 says it has access to thousands of government and commercial data sources, and it can verify whether the data given by individuals is genuine and whether they are on a criminal wanted list.
The company’s Software-as-a-Service (SaaS) tools allow payment and financial services companies to screen clients and managers, and online retailers to verify the identity of purchasers in card transactions.
W2 was founded in 2011 and is based in Newport.
