Verafin Inc. is a Canadian fraud detection

technology Technology is the application of Conceptual model, conceptual knowledge to achieve practical goals, especially in a reproducible way. The word ''technology'' can also mean the products resulting from such efforts, including both tangible too ...

and anti-

money laundering Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, sex work, terrorism, corruption, and embezzlement, and converting the funds i ...

software company based in St. John's, Newfoundland and Labrador,

Canada Canada is a country in North America. Its Provinces and territories of Canada, ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, making it the world's List of coun ...

. The company was established in 2003 by Jamie King, Brendan Brothers, and Raymond Pretty.

Growth and development

More than 1,200 credit unions in the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

use Verafin to effectively fight financial crime. In July 2012, Verafin employed around 130 employees at their St. John's headquarters and

Birmingham, Alabama Birmingham ( ) is a city in the north central region of Alabama, United States. It is the county seat of Jefferson County, Alabama, Jefferson County. The population was 200,733 at the 2020 United States census, 2020 census, making it the List ...

office. It's reported that the company serves around 2,000 clients—mostly small and medium-size banks. On November 19, 2020, American financial services company and stock exchange operator Nasdaq, Inc. announced a deal to buy the company for

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2.75 billion, promising to maintain Verafin's existing headquarters in St. John's. The deal was completed in February 2021.

Awards and recognition

* 2011: Atlantic Business Magazine named Verafin President and CEO Jamie King in its Top 50 CEOs list. * June 2012: Verafin was awarded the Exporter of the Year award by the Government of Newfoundland & Labrador's Department of Innovation, Business and Rural Development. * Atlantic Business Magazine named Verafin President and CEO Jamie King for the second time in its Top 50 CEOs list.

References

External links

* Financial technology companies Financial services companies of Canada Companies based in St. John's, Newfoundland and Labrador Canadian companies established in 2003 Financial services companies established in 2003 2021 mergers and acquisitions Nasdaq, Inc. Canadian subsidiaries of foreign companies {{NewfoundlandLabrador-stub