APLYiD secures $7m Series A led by UK’s Octopus Ventures
APLYiD, the New Zealand-based reg-tech will use its new $7m funding to support international growth, key hires, and platform expansion.
The funding round was led by Octopus Ventures, a London headquartered VC firm. It coincides with the official opening of APLYiD’s UK office in October; the startup’s first foray outside of Australia and New Zealand. The partnership with Octopus will fuel APLYiD’s ambition to help more businesses around the world stay compliant, while providing a seamless customer onboarding experience.
Over the course of the pandemic, APLYiD has seen first-hand how organisations around the world have been swept up in the fast moving currents of KYC compliance, the threat of fraud, and increased customer expectations.
“Particularly for SMEs without the means to build their own tech from scratch, swimming between these moving flags has been an impossible task on their own. The flexibility of our technology means we can offer smaller organisations an ‘out of the box’ solution to help them immediately, or we can provide a more bespoke technology, depending on what an organisation needs. This kind of adaptability is essential for customer needs as diverse as law firms meeting their AML requirements, rental car companies stamping out fraud, or remittance services speeding up their onboarding,” said Russell Smith, Chief Executive Officer and Co-founder of APLYiD.
The Series A injection has allowed APLYiD to go on a hiring spree for some key personnel throughout New Zealand and the UK. This includes former Credit Safe Sales Director,Marc Williams, who will lead the London team of eight as it supports expansion throughout the UK market, and James Brown, previously GM of Fintech NZ, who has taken on a role as the Director of Global Partnerships.