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REF NO.: 10
SUBJECT: Genesis congratulates Verafin on landmark investment
DATE: Sept. 25
Ref. No.: 10
DATE: Sept. 25, 2019
Memorial University’s Genesis is applauding the news that alumni company Verafin has signed the largest venture capital deal in Canadian history.
It was reported today that Verafin, the world’s largest financial crime management software company, has completed a $515 million equity and debt recapitalization agreement.
Verafin developed its groundbreaking fraud detection technology while in Genesis’ three-year incubation program, Enterprise, from 2003-06, after preliminary research showed promise in detecting banking fraud.
The company quickly stood out as a frontrunner in the banking tech industry and went on to achieve unprecedented success on an international scale. Today, Verafin employs more than 500 staff, primarily in Newfoundland and Labrador, with more than $100 million in annual recurring revenue. 'Defined excellence'
“Verafin’s focus, determination and commitment to understanding the problem they are solving has defined excellence in developing this innovative technology company,” said Michelle Simms, CEO and president of Genesis. “It has been incredible to see them grow into such a powerhouse and Genesis is delighted to recognize their latest achievement. Verafin’s executive team have been major contributors to the Newfoundland and Labrador startup ecosystem helping to pave the way for others. We are incredibly grateful for their continued support of Genesis and the ecosystem.” In 2016 Verafin donated a full office suite of furniture and fixtures to Genesis. In turn, Genesis was able to outfit more than 15 startups' workplaces. Earlier this year, the executive team at Verafin partnered with Genesis to deliver its successful strategy methodology to 15 companies. The company continues to give back to the ecosystem and two of its management team members are directors on Genesis' board. Fighting financial crime
Verafin was born in 2003, when founders Jamie King, Raymond Pretty and Brendan Brothers decided to take the technology they used to build robots for the mining industry and apply it in a new way to help fight financial crime.
Today Verafin is a North American leader in fraud detection and AML software. The company's software can be found in more than 3,000 banks and credit unions across North America.
Its product helps detect and prevent serious crimes like human trafficking, elder abuse and identity theft. More information can be found online.
Genesis is Memorial University’s innovation hub for technology startups. It accelerates startups through all stages of idea development from pre-incubation and business model development to investor readiness. More information about Genesis can be found online.
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