Banking

Regtechs PassFort and kompany acquired by Moody’s Corporation

Moody’s Corporation is adding two European companies to its acquisition portfolio: PassFort Limited and 360kompany AG.

Moody’s acquires two regtech firms

The company says the acquisitions complement its technology, data, and analytical capabilities, and enhance its customer solutions for know your customer (KYC), anti-money laundering (AML), compliance, and counterparty risk.

PassFort is a UK-based, Software-as-a-Service (SaaS) workflow platform for identity verification, customer onboarding, and risk analysis. Its software delivers data from over 25 third-party providers and automates the collection, verification, and secure storage of customer and supplier due diligence documentation.

It raised $16.2 million in a Series A funding round just a couple of months ago.

Kompany is an Austria-based platform for audit-proof business verification and KYC, operating a network of primary source information on more than 115 million companies across 200 jurisdictions. The acquisition of kompany is expected to close in Q1 2022.

Both companies will be integrated into Moody’s KYC business within Moody’s Analytics, where they will augment the Orbis company database and the GRID database of risk profiles, adverse news, politically exposed persons, and sanctions.

PassFort’s acquisition was funded with cash. Neither purchase is expected to have a material impact on Moody’s 2021 financial results.




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