The Polish-British startup from the RegTech sector offers blockchain solutions to secure crypto transactions against AML. Over 150 banks and government institutions use them in 30 countries, including NASDAQ.
The company was founded in 2016 by Paweł Kuskowski, a Pole who previously worked in the banking industry for many years. His experience at the Royal Bank of Scotland helped him develop the company. There, he dealt with legal regulations preventing AML (Anti-Money Laundering) on a global scale.
The startup acquired its first significant customer in 2017. It was the Japanese MUFG Group, which includes Mitsubishi Bank. However, the company needed funding for the next steps, which was not easy then. Coinfirm then invented a unique token that allows you to protect companies against AML funds. Their technology allows for complete verification of where they come from. It is crucial for the reputation of financial institutions because, thanks to it, they can, for example, protect themselves against unwitting financing of terrorism. No wonder in 2019, the company obtained funding of $16M from Bird Capital, a VC fund from London. Thanks to it, Coinfirm began selling services based on the correct metrics and in the SaaS model. Soon, the company had 150 clients. The highest revenues achieved in Japan, the USA, Hong Kong, Great Britain, Switzerland, Gibraltar and Estonia.
A way to recover your crypto
At the end of 2019, Coinfirm started cooperation with the American branch of the consulting company Duff & Phelps-Kroll, which deals with cybersecurity. It resulted in the Reclaim Crypto service, thanks to which users can recover lost cryptocurrencies. Only in the first few weeks after its launch did over 500 customers become interested in it.
200% growth per year
As a result, revenue increases have reached 200% annually for the next three years. Because of it, the company’s value is currently estimated at $80M. Even the American stock exchange NASDAQ is one of its clients. Coinfirm’s solutions allow the most prominent American corporations to win court cases related to AML.
The company’s development prospects are enormous because the market’s value is estimated to be over $10B. This is because counteracting money laundering is the third largest business in the world in terms of value. Over $3T is lost this way every year, which is 3-4% of global GDP. Expenditures to reduce this practice amount to approximately $300B annually, but their effectiveness is only 1-2%. With the help of Coinfirm, you can increase it up to 10 times.
More information is here.
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