Award-winning company SmartSearch Ltd, one of the UK's leading providers of RegTech software focused on Anti-Money Laundering ("AML") solutions, today announced that it has received a growth equity investment from Marlin Equity Partners ("Marlin"). Marlin is a leading global investment firm with a long track-record of backing and successfully growing software businesses.
SmartSearch plays a leading role in the UK AML market, providing its AML software to 4,000 client firms and 40,000 users, enabling them to comply with the latest AML regulations and fulfill their AML, Customer Due Diligence ("CDD"), and Know Your Customer ("KYC") compliance obligations. SmartSearch's software is used by 40%; of the top 100 accountancy firms, 25% of the top 200 law firms (including three of the top five firms), banks, mortgage intermediaries and estate agents.
SmartSearch enables organisations to carry out AML checks without requiring clients to provide identity documents. Its automated verification approach is significantly more convenient for both users and their end customers, with individual AML checks taking less than 30 seconds and business checks taking less than three minutes to process from start to finish.
It is the only organisation in the UK with the ability to verify individuals and companies in the UK and internationally all in a single platform via a browser or API, with full Sanction, PEP and adverse media screening and then ongoing monitoring.
John Dobson, CEO of SmartSearch said, "We first met Marlin through an investment process we ran to find a partner; the high degree of interest in our business impressed everyone and Marlin stood out from the crowd. It was clear from our first meeting that Marlin has a deep understanding of our sector, our business model and they had done their homework. They quickly demonstrated how they could add value to our business, and we had a strong meeting of minds with a common goal."
"In SmartSearch we have created a unique AML compliance solution that enables our clients, with minimum effort and cost, to be AML compliant in the world's most heavily regulated market. With Marlin's help, we can dominate the UK market and create international versions of SmartSearch to serve new clients in markets around the world."
"SmartSearch's robust regulatory compliance platform provides industry-leading accuracy rates and strong customer advocacy," stated Roland Pezzutto, a principal at Marlin. "With increasing regulatory scrutiny and the desire for seamless customer onboarding, SmartSearch is well-positioned to capitalise on the rapid shift toward digital verification solutions and we look forward to collaborating with an exceptional management team to support the company's rapid growth trajectory."