ST. JOHN'S, Newfoundland (6/6/14)--Verafin, a CUNA Strategic Services alliance provider, has received $60 million in financing from Spectrum Equity, a private equity firm based in Boston and Silicon Valley.
The investment gives Spectrum a substantial minority stake in Verafin, which was founded in 2003.
"Financial institutions are facing ever-increasing fraud threats and compliance mandates from regulators, and Verafin is committed to providing our customers with the best software solutions to allow them to effectively fight financial crime," said Jamie King, CEO of Verafin. "Spectrum brings a wealth of experience working with other high-growth technology businesses of a similar profile to Verafin."
The company plans to add to its 210 employees, most of them in St. John's, with others in Alabama and Toronto (The Financial Post June 2).
Verafin's behavior-based software helps credit unions comply with the Bank Secrecy Act, USA PATRIOT Act and FACTA regulations, while also helping to protect against fraud. Its software-as-a-service platform is continually updated for the latest regulatory requirements.