Verified announces investment from Verdane, and acquires Assently to meet the growing demand for KYC and AML compliance in Europe

Verified, a B2B SaaS company providing AML and KYC, digital signing and authentication workflows, has announced an investment from Verdane, the European specialist growth investor. Verified has also acquired Assently, a leading e-signing and e-ID solutions company headquartered in Sweden with a strong client base in Finland. Verified and Assently’s customers will benefit from an expanded product offering, addressing a broad market including customers in regulated sectors.

Verdane’s backing will help Verified continue to grow both organically and through acquisitions. Verdane is one of Europe’s most active growth-stage software investors and Verified will benefit from Verdane’s strong track record supporting software businesses to scale internationally, and the support of Elevate, Verdane’s in-house team of operational experts. The investment is made by funds advised by Verdane.

The demand for digital identities, Know Your Customer (KYC) and Anti-Money Laundering (AML) solutions are structurally growing in Europe, driven by increased regulation that is becoming more stringent. These solutions are primarily used to access online services, to sign documents electronically and to onboard customers. As companies face a more complicated regulatory environment, they require streamlined and simplified tools to support their processes.

Verified’s flexible full-service approach, breadth of functionality and the quality of user experience are valued by over 3,000 customers, reflected in Verified’s high retention rate. Verified has plans to continue to expand its platform of offerings through further acquisitions and increased digital capabilities and become a European powerhouse in its sector, based on the shared purpose of building trust for and with clients.

The KYC and AML software market in Europe is expected to grow by +17% CAGR and be worth around €4bn by 2027 and Verified is in a unique position to capitalize on that opportunity. Verified was founded in 2012 and has experienced strong organic growth, reaching profitability in its first year. Starting with a focus on e-signing and e-ID, it has since secured a large client base, predominantly made up of medium to large professional services firms in need of customer onboarding solutions with critical AML and KYC checks. This market includes banks, legal firms, auditors, government institutions as well as hospitality and real estate companies. Verified also has a sizeable unregulated customer base comprised of consumer-facing and advanced manufacturing businesses, among others.

Tommy Jarnemark, CEO of Verified commented: “We are eager to work alongside Verdane, a firm that has a strong track record scaling SaaS companies, to power our growth across Europe. We’re also looking forward to working with the fantastic team at Assently; as well as being a great fit with Verified, acquiring Assently helps us in our goal to become a ‘one stop shop’ full-service provider for customers’ AML and KYC needs. AML and KYC is a notorious pain point for businesses, and we’re looking forward to helping many more customers resolve this with our product suite of easy, efficient smart solutions.’

Linda Ahrgen, CEO of Assently said: “We are thrilled to join forces with Verified and have access to their highly experienced team and extensive platform. Our team cultures are strongly aligned, and we are both dedicated to providing the best experience for our customers. This is an exciting opportunity for both our customers and our company. With the support of Verified and Verdane, we will be significantly enriching the product offering for customers.”

Nils Vold, Partner at Verdane commented: “We have been impressed with Verified’s excellent team and strong product offering. In a crowded market, Verified stands out from the competition thanks to its easy-to-use, integrated platform, broad functionality and loyal customer base. Its offering is a powerful tool which plays a key role in a company’s ability to digitize their processes and save valuable time and resources. Verified have shown impressive growth organically, and we look forward to backing the fantastic Verified team to expand its platform and presence across Europe.”