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Regulatory compliance software platform W2 is teaming up with payments behemoth Visa to offer “enhanced compliance solutions and tools for U.K. Platinum and Infinite business cardholders,” according to a joint press release Thursday (April 28).
The new product means businesses operating in regulated sectors — including payments, FinTechs and professional service providers — who hold Visa Platinum and Infinite business cards can access W2’s customer onboarding and monitoring compliance solutions at a heavily discounted rate as part of a loyalty reward.
Visa Platinum and Infinite business card users can streamline management of compliance matters through a single access point.
“We are absolutely delighted to be able to offer W2’s services to Visa Infinite and Platinum cardholders in the U.K.,” said Warren Russell, CEO and founder at W2, in the company press release. “We have certainly seen a shift in the past few years from businesses carrying out manual compliance, to having the requirement to automate onboarding and ongoing monitoring of customers.
“We are looking forward to being able to demonstrate the value of W2’s single access point and how it can dramatically reduce customer drop-offs within onboarding, as well as saving users time and revenue by removing the need for manual intervention,” he said.
W2’s single compliance platform currently offers onboarding and monitoring transactions to more than 100 clients across FinTech, payments, gambling, cryptocurrency and other regulated industries.
In other compliance news, earlier this week, Estonian artificial intelligence (AI) and machine learning cross-border eCommerce compliance platform Eurora Solutions nailed down $40 million in Series A funding in an oversubscribed round that’s considered one of the largest financing rounds of its kind among Estonian startups.
Eurora will use the fresh capital to expand across the U.K., the U.S. and the Middle East as well as for product development and potential acquisitions.
Amsterdam-based Connected Capital led Eurora’s fundraising effort, with participation by existing investors, including Change Ventures, Equity United and Eurora founder Marko Lastik. Eurora also raised $3 million funding in July 2021, according to a Tech Funding News report.
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