Verafin

Verafin
TypeSubsidiary
Industryfraud detection technology and anti–money laundering
Founded2003; 23 years ago (2003)
FoundersJamie King
Brendan Brothers
Raymond Pretty
Headquarters
St. John's, Newfoundland
,
Canada
Area served
Worldwide
Key peopleStephanie Champion (Executive Vice President, Head of Nasdaq Verafin)
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. The company was established in 2003 by Jamie King, Brendan Brothers, and Raymond Pretty.

History

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

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

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. At that point, the company was serving around 2,000 clients—mostly small and medium-size banks.

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

Awards and recognition

References

  1. ↑ "Nasdaq Verafin and BioCatch: Fighting Payment Fraud". FinTech Magazine. September 3, 2025.
  2. 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.
  3. ↑ 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.
  4. ↑ Moreira, Peter (November 19, 2020). "Flashback: The Culture That Made Verafin". entrevestor.com. Retrieved August 20, 2026.
  5. ↑ "Luminus Award - Verafin Founders". Memorial University of Newfoundland. Retrieved August 20, 2026.
  6. ↑ Kirkwood, Isabelle (September 25, 2019). "St. John's-based Verafin closes massive $515 million in financing | BetaKit". Retrieved August 25, 2026.
  7. ↑ 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.
  8. ↑ "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.
  9. ↑ Canada, National Research Council (November 30, 2015). "Fighting financial fraud – Innovative software acts like a detective". nrc.canada.ca. Retrieved April 4, 2025.