SmartSearch increases number of new clients by 45%

Anti-money laundering (AML) pioneer SmartSearch has increased new client numbers by 45% in the five months to the end of May, compared to the same period in 2018, and added more than 3,650 new users to the platform.

Launched in 2011, SmartSearch is the only organisation in the UK with the ability to verify individuals and companies in the UK and internationally all in a single platform with full Sanction, PEP and adverse media screening and then ongoing monitoring.

Thanks to its unique offering and increased demand for RegTech solutions, the growth of the business has been phenomenal. Turnover has increased by 2,137% since 2011 and is on target to increase 48% in 2019.

Staff numbers have almost doubled since 2015 to 98, and the platform now has more than 4,000 clients, including 1-in-4 of the top 200 law firms and 1-in-3 of the top 100 accountancy practices.

And with the 5^th money laundering directive mandating that electronic identification is used where possible, this growth is set to continue. In fact, in the first five months of 2019, more than 300 new clients were onboarded taking total user numbers to more than 38,000.

John Dobson, CEO at SmartSearch said “We have always had a keen commercial eye on profitability and have delivered impressive incremental growth in both sales and pre-tax profit in every year of operation. Our dual focus has always been continued product innovation and profitable growth. We now have more than 4,000 client firms on board which will deliver profit in excess of £4 million.”