The worlds largest financial crime management software has secured a $550 million equity and debt recapitalization.
Verafin, a Newfoundland company, will continue its path of market domination as it has now sealed financing by Spectrum Equity’s current investing fund and Information Venture Partners’ (IVP) new fund with participation by new backers Northleaf Capital Partners, BDC Capital and Teralys Capital.
Senior debt financing for the transaction was led by Wells Fargo Capital Finance and included Scotiabank in the syndicate.
Verafin provides a cloud-based, secure software platform for Fraud Detection and Management, Compliance and Management, High-Risk Customer Management and more.
According to Verafin’s site, their cloud-based cross-institutional software is used by “nearly 3000 financial institutions to fight financial crime and strengthen regulatory compliance.”