W2 Global Data 264 Established by Warren Russell in 2011, W2 Global Data is a Newport-based company specialising in identity verification and AML. Over the years, the company has expanded its services to encompass several compliance checks and solutions, including KYC, AML, Document Verification, Affordability Assessment for the Gambling sector, Fraud Prevention Checks, Know Your Business (KYB), and Age Verification.
W2 Global Data services “are designed to enhance the customer onboarding journey with full regulatory compliance 265 ”. The company provides 24/7 support and also offers manual document verification for more complex KYC instances. Fully customised solutions and a wide range of integrations methods are also possible. In 2018, W2 Global Data relocated to Newport and rapidly grew its work force to over 40 employees 266 , mostly based in South Wales. 267 The company is also renowned for its progressive approach to workplace policies. 268
b) Other start-ups and scale-ups developing legal innovation Sonovate 269 Sonovate, established in 2014 by Damon Chapple and Richard Prime, offers embedded finance and technology services to contract and freelance businesses. Having raised a total of £284.5M in funding over 4 rounds, 270 the Cardiff-based company aims to become the first Welsh FinTech unicorn. 271
264 See https://www.w2globaldata.com. 265 TechSPARK, “W2 Global Data”, available at https://techspark.co/company/w2-global-data/. 266 Sion Barry, “The Wales Tech 35 for 2018: The top tech talent operating in Wales right now” (Wales Online, 23 November 2018), available at https://www.walesonline.co.uk/business/business-news/wales-tech-35-2018-35-15417172. 267 Business Wales, “W2 Global Data”, available at https://businesswales.gov.wales/skillsgateway/skills-development/people- dont-have-best-date/people-dont-have-best-date-case-studies/w2-global. It should be noted, however, that this information may not be up-to-date, given W2 Global Data’s policies on work-from-home and reduced working week (see Fintech Finance, “W2 Global Data Announces Reduced Working Week” (27 January 2022), available at https://ffnews.com/newsarticle/w2-global-
data-announces-reduced-working-week/). 268 Ibid. See also Business Wales (n 265). 269 See https://www.sonovate.com/.
270 Crunchbase, “Sonovate Financials”, available at https://www.crunchbase.com/organization/sonovate/company_financials. 271 Technology News Wales, “The Firm Tipped to Be Wales’ First $1bn Fintech Unicorn” (Business News Wales, 27 May 2021), available at https://businessnewswales.com/the-firm-tipped-to-be-wales-first-1bn-fintech-unicorn/.
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