Verafin

Verafin
TypeSubsidiary
Industryfraud detection technology and anti–money laundering
Founded2003 (2003)
FoundersJamie King, Brendan Brothers, Raymond Pretty
Headquarters
St. John's, Newfoundland
,
Canada
Area served
Worldwide
ParentNasdaq, Inc.
Websiteverafin.com//

Verafin Inc. is a Canadian fraud detection technology and anti–money laundering software company based in St. John's, Newfoundland and Labrador, Canada.[1] The company was established in 2003 by Jamie King, Brendan Brothers, and Raymond Pretty.[2]

History

Verafin was founded by Jamie King, Brendan Brothers, and Raymond Pretty in 2003 in St. John’s, Newfoundland and Labrador, Canada.[3] The company was part of Genesis, Memorial University's business incubator, and the Newfoundland and Labrador Credit Union was its first customer.[4]

In December 2019, the company announced it had raised C$515 million, the largest venture capital funding in Canada at the time.[5]

On November 19, 2020, American financial services company and stock exchange operator Nasdaq, Inc. announced a deal to buy the company for US$2.75 billion. The deal was completed in February 2021.[1] At that point, the company was serving around 2,000 clients—mostly small and medium-size banks.[6]

By 2026, the company's platform was utilized by over 2,750 financial institutions, representing over US$11 trillion in collective assets.[7]

Awards and recognition

  • 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.[8]

References

  1. 1 2 Rendell, Mark (November 19, 2020). "Nasdaq to buy Canada's Verafin for US$2.75-billion". The Globe and Mail. Retrieved November 19, 2020.
  2. ↑ Taylor, Roger (December 30, 2020). "Roger Taylor: 2020 business deals ranged from lobsters to nano-tech and everything in between". The Chronicle Herald. Retrieved January 5, 2021.
  3. ↑ Moreira, Peter (November 19, 2020). "Flashback: The Culture That Made Verafin". entrevestor.com. Retrieved August 20, 2026.
  4. ↑ "Luminus Award - Verafin Founders". Memorial University of Newfoundland. Retrieved August 20, 2026.
  5. ↑ Kirkwood, Isabelle (September 25, 2019). "St. John's-based Verafin closes massive $515 million in financing | BetaKit". Retrieved August 25, 2026.
  6. ↑ Tully, Shawn (February 8, 2021). "Roger Taylor: 2020 business deals ranged from lobsters to nano-tech and everything in between". [Nasdaq at 50: The company behind the tech-stock index reinvents itself as a financial-tech heavyweight]. Retrieved May 27, 2021.
  7. ↑ "Nasdaq Verafin Report Finds the Financial Crime Epidemic Reaching Alarming New Heights as Illicit Financial Activity Surges to $4.4 Trillion in 2025" (Press release). Nasdaq, Inc. March 11, 2026. Retrieved April 23, 2026.
  8. ↑ Canada, National Research Council (November 30, 2015). "Fighting financial fraud – Innovative software acts like a detective". nrc.canada.ca. Retrieved April 4, 2025.


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