CPE News (1.04.2022) – Tier1 Financial Solutions has secured new growth equity financing from a group of investors led by Wavecrest Growth Partners and MassMutual Ventures. Financial terms were not disclosed.
New funding will help drive the next generation of connectivity between compliance workflows and the customer experience – enabling Tier1 clients to create integrated, end-to-end journeys efficiently, cost-effectively and reliably for their customers.
Founded by Mark Notten and Phil Dias, Toronto based Tier1 Financial Solutions is a leading provider of client relationship management (CRM), KYC & AML compliance, and fraud prevention solutions. Tier1 Financial Solutions product suite includes the Alessa AML compliance and fraud prevention solution, as well as two purpose-built CRM solutions – Tier1CRM for sell-side capital markets and Satuit for buy-side asset management and wealth management firms.
In December 2017, Tier1 raised US $34 million in growth equity financing from a group of investors led by Wavecrest Growth Partners, with participation from MassMutual Ventures and Salesforce Ventures.
photo credit: Tier1
News Release
Wavecrest and MassMutual Ventures Up Investment in Tier1 Financial Solutions to Accelerate Development of Integrated Customer Journeys
TORONTO and NEW YORK, Jan. 4, 2022 /CNW/ — Tier1 Financial Solutions (“Tier1”), a leading provider of client relationship management (“CRM”) solutions, AML compliance and fraud prevention solutions, has received new equity financing from a group of investors led by Wavecrest Growth Partners (“Wavecrest”) and MassMutual Ventures. This latest investment in Tier1 will help drive the next generation of connectivity between compliance workflows and the customer experience – enabling Tier1 clients to create integrated, end-to-end journeys efficiently, cost-effectively and reliably for their customers.
“We’re very excited to continue working with our long-trusted partners at Wavecrest and MassMutual Ventures. Their increased investment demonstrates not only their support for Tier1 but also the firm’s affirmation that we’re staying ahead of the innovation curve in our AML compliance and CRM solutions,” said Jiro Okochi, CEO of Tier1 Financial Solutions.
Tier1 Financial Solutions product suite includes the Alessa AML compliance and fraud prevention solution, as well as two purpose-built CRM solutions – Tier1CRM for sell-side capital markets and Satuit for buy-side asset management and wealth management firms.
Regarding the fast-growing Alessa compliance product, Eric Emmons, managing director of MassMutual Ventures commented, “Alessa provides a single platform that addresses virtually all the KYC/AML capabilities that all banks, money service businesses, fintechs, insurance carriers, and other regulated industries must have in place to properly protect their customers – including a single service for identity verification, customer due diligence, and real-time transaction monitoring and screening – while improving KYC operations with a suite of advanced analytics features, such as anomaly detection and robust automated regulatory reporting.”
Tier1 is completing one of the most successful years in its 13-year history. In January, it acquired Alessa, a provider of compliance and AML solutions for banks, credit unions, money services businesses (MSBs), and fintechs; and in April it acquired Satuit Technologies to expand its global CRM footprint in the asset management sector. These acquisitions have been in addition to the company’s original product Tier1CRM for capital markets, which has continued to experience growth, including a net retention of 104% this year.
About Wavecrest Growth Partners
Based in Boston, Wavecrest Growth Partners is a growth equity firm focused on investing in and partnering with leading B2B software and technology-enabled services companies. Wavecrest targets minority and majority investments in profitable, high-growth technology companies with proven business models and brings to bear a differentiated combination of investing and operating expertise. Wavecrest’s co-founders have over two decades of combined investing and operating experience in growth-stage B2B technology companies. For more information, visit us at http://www.wavecrestgrowth.com.
About MassMutual Ventures
MassMutual Ventures (MMV) is a multistage global venture capital firm investing in enterprise software, cybersecurity, financial technology, and digital health companies. With our deep expertise and extensive Fortune 500 network, MMV helps entrepreneurs build compelling and scalable companies of value. MMV has offices in Boston and Singapore, with $450 million under management across five funds. The US-based team invests across North America, Europe, and Israel, while the Singapore-based team invests across Southeast Asia, Hong Kong, India, Australia, and New Zealand. For more information, visit www.massmutualventures.com.
About Tier1 Financial Solutions
Tier1 Financial Solutions is a leading provider of client relationship management (CRM), KYC & AML compliance, and fraud prevention solutions. Tier1’s portfolio of digital transformation solutions empowers its clients to optimize customer engagement, increase operational efficiency and reduce regulatory compliance risk. Trusted by over 300 companies and nearly 20,000 users worldwide, Tier1 delivers workflow-optimized experiences, prompted insights and a centralized view of client interactions that drive revenue-generating engagements. Serving the unique needs of Capital Markets, Investment Banking, Investment Management and corporate professionals, Tier1 advances client relationships and workflows with data-driven insights across desktop and mobile devices, empowering compliance, collaboration, transparency and communication. For more information, visit www.tier1fin.com.
Media Contact:
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Paragon Public Relations
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SOURCE Tier1 Financial Solutions