GeoComply, which provides compliance and cybersecurity solutions, has made its first acquisition in fellow Vancouver startup OneComply as it expands its platform to more regulated industries such as cryptocurrencies.
OneComply provides a licensing management platform that centralizes all the data required to support companies in the sports betting industry. The platform is made up of several technologies, including a secure data repository, workflow management, visual dashboards, and license application automation.
“We have big plans for 2023 and beyond, and continue to hire and expand.”
– Anna Sainsbury, GeoComply
OneComply previously raised an undisclosed amount of seed financing in 2022. That round was led by angel investor Bill Warner through Warner Investments with participation from a number of experts in the gambling industry, including Katie Lever, former executive at Lottery.com and currently chief privacy officer at Great Canadian Entertainment, a major owner-operator of casinos and racetracks.
With the acquisition, GeoComply said it plans to extend OneComply’s licensing platform beyond the gambling industry, such as companies operating in financial and other regulated markets. This would help those organizations automate licensing compliance, from initial licence applications to ongoing compliance management.
By combining their solutions, GeoComply co-founder and CEO Anna Sainsbury said the two can also offer more tools for the industry in the areas of anti-money laundering, “know your customer,” geolocation, sanctions compliance, and fraud prevention.
Founded in 2011, GeoComply’s solutions can analyze location data, device integrity, and identity fraud checks on financial transactions with geolocation services enabled to detect suspicious activity. The startup claims its platform is installed in over 400 million devices and analyzes over one billion transactions per month.
Despite a tough fundraising market, GeoComply has been able to secure capital to continue its growth plans.
GeoComply secured an undisclosed amount of funding earlier this year, in the form of minority investments from funds managed by Norwest Venture Partners and Arctos Sports Partners.
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GeoComply said that funding would help accelerate its expansion into financial services and media-rights management. As part of that strategy, GeoComply is currently using its technology to address the “high profile compliance failures” across the cryptocurrency market.
“We have big plans for 2023 and beyond, and continue to hire and expand as we bring our products and services to more markets and verticals,” Sainsbury said.
GeoComply also raised an undisclosed amount of capital from Blackstone Growth and Atairos Management LP in 2021. That round reportedly brought GeoComply’s valuation to $1 billion, awarding it with unicorn status. GeoComply has not disclosed its post-money valuations for any funding rounds it has publicly announced.
Featured image courtesy GeoComply.