The U.S.-based compliance startup, Kompliant, recently closed a $14mm Seed round led by Level One Fund. Kompliant solves for end-to-end compliance lifecycle management through leading-edge technology and innovative workflows. The platform automates many of the manual processes associated with the underwriting and monitoring for financial institutions.
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The investment will accelerate Kompliant’s growth by devoting additional resources to scale its platform solutions, and expand the Kompliant Intelligence Platform suite of merchant onboarding, underwriting workflow management, and monitoring solutions.
Level One Fund, a growth stage venture capital fund, has seen considerable success investing in companies that “reshape static industries.” The round also included existing investors, Casa Verde, with their own track record of backing game-changing tech platforms such as Dutchie, Leaflink and Metrc.
With this investment, Level One Fund Partner Andrew Stewart will join Karan Wadhera of Casa Verde along with the former chairman of Fiserv Global Business Solutions, Dan Charron, on Kompliant’s Board of Directors.
Kompliant was founded by fintech veterans Brad Wiskirchen and Edward Katzin. Wiskirchen is the tech heavyweight who built Kount, a digital enablement technology that helps fight online transaction fraud across the globe. Equifax recently acquired Kount for $640 million. Co-founder & CEO Katzin led major payments initiatives for Apple and VISA and scaled several businesses to strong exits, including Revolution Money which was acquired by American Express. Katzin’s professional experience centers around orchestrating the design, build, and launch of platform services at scale.
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The company works with leading payment processors and banks to solve commerce compliance compatibility across sponsor banks, acquirer processors, ISOs, VARs, ISVs, gateways, and the merchants they serve. Kompliant provides a standard set of protocols, data structures, and interfaces across application processing, application verification, underwriting management, and ongoing monitoring.
“Payments organizations have to digitally transform their processes and Kompliant has built a platform uniquely positioned to address this need,” Andrew Stewart, Managing Partner at Level One Fund, shared. “We believe the team and technology are incredibly well-positioned to succeed.”
Casa Verde Managing Partner, Karan Wadhera explained “We initially reached out to Brad to help incubate a compliance solution specifically for high-risk industries. As the platform evolved, it was clear that Kompliant’s technology could be leveraged across the entire payments ecosystem.”
Other early investors include former president of Visa, John Partridge; Jonathan Weiner, founder of Money 20/20; Stuart Sopp, CEO of Current; and, Mike Lohner, co-founder of DOSH and current chair of Stella & Dot.
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