25/04/2016

W2 Global Data (W2) over-subscribed in latest funding round as transactions reach 10 million per month milestone

W2 Global Data (W2) announced today that it has again been oversubscribed in its latest funding round and reached a significant milestone, by exceeding 10 million client screenings per month.

W2 offers its customers the ability to perform real-time identity verification and Anti Money Laundering checks against consumers and corporates during account opening procedures. This is coupled with ongoing monitoring to ensure a robust compliance regime.

Commenting on the achievement W2 founder and CEO, Warren Russell said “Following our recent collaborative and award successes we have seen a significant increase of investor and customer interest around what we are doing. Reaching these sorts of numbers is fantastic and demonstrates that what we offer is both scalable and reliable, but more importantly it is wanted by the market.”  He continued with “W2 continues its dramatic growth and from here on we can accelerate and I look forward to breaking the 20 million mark. This is only the start.”

The last year has seen W2 increase both headcount and sales by over 100% and all funding rounds to date have been oversubscribed. If this latest achievement is anything to go by then the future is bright for this UK Fintech leader.

W2 Chairman David Hunter went on to say, “This is a big step in our progression. We have been quietly working away to ensure that we can cope with whatever the market throws at us and this kind of growth is as a result of that development. Whenever we take an investment proposition to market we are astounded by the interest, this most recent round was 100% oversubscribed! We have now raised £1m to date and I can’t wait until we are able to announce the closure of another £1m and having hit 20 million transactions per month, I don’t think it will be too far away.”

Commenting on Finance Wales’ investment, Richard Thompson from Finance Wales’ Technology Ventures team said: “This is Finance Wales’ second follow-on investment in W2 Global Data and also a welcome announcement.  The company has made impressive progress since receiving Finance Wales’ first seed investment from the Wales Technology Seed Fund.  W2 is a growing company operating in the highly regulated financial services sector and Warren and his team have developed major areas of their business, achieved key milestones and created jobs.  We’re pleased that W2’s services are impressing both customers and investors and Finance Wales’ latest investment from our later stage funds will now support the next phase of W2’s growth strategy.”