Austria-based regtech platform kompany has bagged nearly €6m ($7.1m) funding to expand its new products and accelerate its growth.

This growth funding round was led by Fairway Global Investment and joined by the Japanese venture capital (VC) firm Global Brain.

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Existing shareholders European Super Angels Club and the kompany management team also participated in the funding round.

The latest funding round brings the total amount raised by the company to date to €14m ($16.5)

kompany will use the fresh funds to expand its AI-based shareholder analysis tool UBO discovery and the DLT-based audit-trail solution KYC onchain.

The funds will also be used to support the development of these technologies for cross-border payments.

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kompany founder and CEO Russell Perry said: “The smart money understands that regtech is about turning the burden of compliance into a competitive advantage by enabling customers to drastically reduce client onboarding times by 90% and by completely digitizing the process and customer experience.”

“Our vision is to enable the 5-second cross-border payment with full AML and KYB compliance embedded.

“If you have ever wondered why an international bank transfer can take hours or frequently even days to post – it is directly linked to regulatory requirements and our platform replaces those legacy practices.”

Founded in 2012, kompany is an anti-money laundering and Business KYC (KYB) platform headquartered in Vienna, Austria.