Raiffeisen Bank International has joined a funding round in business verification and KYC RegTech kompany.
RBI is investing in kompany via its corporate venture capital unit Elevator Ventures.
Kompany was one of the first participants in Elevator Lab;s fintech partnership programme. The programme helps scale-ups collaborate with leading bank experts across RBI Group and resulted in a multi-year commercial agreement for kompany in 2018.
Hannes Cizek, managing director of Elevator Ventures and head of group strategy & innovation, says: "We have seen the progress that kompany has made close-up after an intensive year of cooperation. This new investment recognizes the progress the team has made as well as the growth opportunities on the horizon. We are looking forward to reaching the next milestone together."
RBI is joined in the funding round by the venture capital arm of Uniqa Insurance and previous investors, including the European Super Angels Club.
Kompany combines artificial intelligence (AI), robotic process automation and blockchain technology to provide business verification and client onboarding for financial institutions, insurance companies, corporations and fintechs.
Says Cizek: "Solving regulatory and compliance issues efficiently is a high priority and an important part of our corporate policy. In this spirit, kompany offers an essential addition that both improves and simplifies RBI’s current compliance process.”
The size of the investment was not disclosed.