Passfort has been acquired by Moody's, marking a strategic move to enhance compliance solutions in the RegTech sector.
Target Information
Passfort, founded in 2015 by Donald Gilles and Henry Irish, is a London-based Software as a Service (SaaS) company specializing in regulatory technology (RegTech). The company offers a platform that automates anti-financial crime and compliance processes for financial institutions. Passfort’s user-friendly solution provides access to over 25 leading providers of Know Your Customer (KYC), Know Your Business (KYB), Anti-Money Laundering Programs (AMP), and fraud data through a single Application Programming Interface (API).
Industry Overview
The RegTech sector in the UK has been experiencing significant growth, driven by the increasing demand for compliance solutions amid evolving regulatory landscapes. The rise in financial crimes has compelled financial institutions to adopt advanced technological solutions, which has resulted in a booming market for RegTech providers like Passfort.
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In recent years, the UK government has implemented strict regulations aimed at combating financial crime, placing pressure on institutions to maintain compliance. According to ind
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