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Oxfordshire-based Contego Fraud Solutions secures £3.5m

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RegTech firm Contego Fraud Solutions has raised £3.5m in a Series A round led by Maven Capital Partners.

The Oxfordshire-based company provides an automated compliance service that helps organisations understand who their clients, customers and employees are. It also and provides real-time fraud checks.

Contego works across the property, banking, financial services and public sectors, performing a wide array of screening, verification and vetting assessments including: Know Your Customer (KYC); Anti Money Laundering (AML); Right to Work checks; Right to Rent checks and Counter-Party Risk Management.

Maven contributed £1.8m to the new funding round, while NVM Private Equity invested £1.5m and existing investors contributed £0.2m.

Contego said it will use the funds to expand product development, add commercial resources and enter new markets.

Adrian Black, founder and CEO of Contego, said: “Given increased regulatory pressures and the significant benefits our platform has demonstrated with clients to date, we are pleased to receive investment from Maven and NVM that allows us to expand our operations to support customer demand and new partnerships.”

Founded by in 2010, the firm now also has a presence in the City of London. In late 2016, Contego acquired Working Status Ltd, which provides compliance software and document scanning solutions.

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