W2 Global Data (W2) has secured a series A investment to fund the expansion of its sales, marketing and technical capability in the UK and international markets.
The provider of Software as a Service (SaaS) products for the Know Your Customer (KYC), Anti Money Laundering (AML) and fraud prevention due diligence markets, has received the largest ever Growth Fund investment from Mercia Fund Management and a substantial follow on investment from Finance Wales. The rest comes from existing shareholders and Thorium Technology Investors (TTI).
W2, founded in 2011 by CEO Warren Russell, offers customers the ability to perform real-time identity verification and anti-money laundering checks against consumers and corporates during the process of opening an account. The Cardiff-based firm will now accelerate plans to expand its team, develop new products and extend its reach across the regulated, government and business community.
Russell said: “W2 has grown from strength to strength in the last few years and this investment will allow our business to establish its position as a key world player in the field. We have a rapidly growing customer base and we can support them with an expanding team, creating job opportunities in the local area and further afield.”
Julian Dennard, Investment Director at Mercia Fund Management, commented: “We are delighted to support W2 and back a management team which is highly experienced in in the anti-fraud sector and cloud-based software companies. SaaS technology is one of Mercia’s chosen areas of focus and so we are pleased to be able to support Warren and his team as they continue to scale.”
Richard Thompson, Senior Investment Executive at Finance Wales, added: “We are delighted to co-invest with Mercia in this latest round to support Warren and his team in the next phase of their expansion. W2 has made impressive progress year-on-year since our initial investments, when they moved their headquarters to Cardiff. With this investment, they are positioned to accelerate their growth as their customers address the increasing regulatory demands companies must now meet.”