Verified acquires Pliance to compliment digital signatures with AML automation
Swedish Software-as-a-Service (SaaS) company Verified, has acquired Swedish regtech start-up Pliance, an AML automation platform for an undisclosed amount.
Verified, founded in 2012, provides a portfolio of digital signature and digital identification products for KYC and AML compliance, and claims to have 2,000 customers in the Nordic countries, across the healthcare, financial services, insurance, travel, and construction sectors.
The company provides integrations with popular existing electronic identification systems such as Sweden and Norway’s BankID, Finland’s FTN, and Denmark’s NemID.
Pilance, founded in 2018, offers tools that automate AML processes for companies. These include processes such as screening for Politically Exposed Persons ( PEPs) and Ultimate Beneficial Owners (UBO), as well as sanction screenings and ongoing monitoring for financial institutions.
Verified says that Pilance’s technology will complement its existing suite of KYC and AML services, including its partnership with its most recent acquisition, Assently, which specializes in secure and digital identity verification.
Verified acquired Assently, also based in Stockholm, for another undisclosed sum in April 2023.
Assently, also based in Stockholm, provides e-signature and e-authentication services for SaaS, operating in all the Nordic countries, as well as internationally.
The news comes after Verified recently received a €31 million (roughly US$33.7 million) investment from Verdane, a London-based investment fund that specializes in making growth investments in Northern European tech companies.
“We are excited to join the Verified family and contribute to the company’s mission of delivering best-in-class compliance solutions to businesses across Europe,” says Siam Choudhury, CEO of Pliance. “Our combined expertise and technological capabilities will enable us to provide an even more comprehensive and seamless compliance experience for our clients.”
He added: “As well as being an excellent culture fit, we share a strong commitment to our customers.”