London, 20th December, 2016: Contego, the RegTech platform, providing multi-source identity verification and compliance checks, today announced the acquisition of Working Status Ltd, the comprehensive software solution for Right-to-Work compliance and Human Resources management. The acquisition will accelerate Contego’s current growth, which may well include further acquisitions of RegTech technologies whose capabilities contribute to the Contego vision of providing a single global platform to verify and risk-score people, ID documents and companies in onboarding, monitoring and investigation processes.
Contego helps financial services, property and FinTech firms to improve and automate Anti-Money Laundering (AML) and Know Your Customer (KYC) checks and processes. Its single risk-scoring platform can handle complex, multi-entity fraud detection and compliance checks in real time, all delivered via a single API, which expedites and improves customer onboarding.
Working Status provides a proven Right-to-Work solution supported by an industry-leading immigration consultancy. Its widely adopted technology improves and optimises Right-to-Work compliance in the employee onboarding process. It combines automated ID document screening with an intelligent mobile document capture function and robust validation checks in line with the very latest immigration regulations. Working Status’ proposition aligns perfectly with Contego’s goal to help clients improve process automation and efficiency when onboarding and monitoring employees and customers. This drives down operational costs and considerably reduces the risk of compliance failures, fines and reputational damage.
Contego’s CEO, Adrian Black, will continue to lead the company, while Working Status co-founder & CTO James Meyer will lead future development of document verification and biometrics services across the group. Fellow Co-Founder Anne Morris, an immigration lawyer and expert on the evolving Right-to-Work, Right-to-Study and Right-to-Rent legislation, will join the Contego board.
Adrian Black, CEO, Contego said: “This acquisition increases the range of clients that we can help in an increasingly regulated world and broadens the expertise and capabilities of Contego. We are committed to continuing to develop and strengthen our position as a leading RegTech platform providing a comprehensive and holistic view of both people and companies, enabling our customers to make informed data-driven decisions about how and with whom they do business. Working Status is a great fit for us both commercially and culturally and may well be followed by further acquisitions which fit within our vision for both sector and international growth.”
Sarah Durrani, Robert Pinto Fernandes, Streets Consulting
Tel: 020 7959 2235
About Contego Fraud Solutions Ltd
Launched in 2011, Contego is the only comprehensive risk scoring platform that can handle complex multi-source fraud detection and compliance checks on people, companies and ID documents at high speed, delivered in a single view, through one easily-integrated API.
Contego combines data from a broad range of commercial, open source and law enforcement sources with a proprietary risk scoring system to reduce the risk of fraud and make compliance checks and processes, such as AML (Anti Money Laundering) and KYC (Know Your Customer), as frictionless as possible.
Contego delivers a comprehensive and holistic view of both people and companies, so that regulated and risk-conscious firms can instantly make crucial, data-driven decisions about how and with whom they do business.
About Adrian Black, Founder & CEO, Contego
As Founder and CEO, Adrian is the driving force behind the Contego team who are working hard to reduce the risk of fraud and compliance costs in the recruitment, banking, FinTech and property sectors. Contego provides a comprehensive risk-scoring platform that can handle complex multi-source fraud detection and compliance checks at high speed, and deliver a single view via an easily integrated API.
Adrian has built a strong leadership team of business development, operational and technology experts, and Contego now has partnerships with a number of well known, household brands including: Capita, Regus and Westfield.