Verafin Inc. is a

fraud detection In law, fraud is intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensa ...

technology Technology is the application of knowledge to reach practical goals in a specifiable and reproducible way. The word ''technology'' may also mean the product of such an endeavor. The use of technology is widely prevalent in medicine, science, ...

and anti-

money laundering Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions ...

software subsidiary of Nasdaq, Inc. based in St. John's, Newfoundland and Labrador,

Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...

. The company was established in 2003 by Brendan Brothers, Jamie King, and Raymond Pretty.

Growth and development

More than 1,200 credit unions in the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

use Verafin to effectively fight financial crime. In July 2012, Verafin employed around 130 employees at their St. John's headquarters and

Birmingham, Alabama Birmingham ( ) is a city in the north central region of the U.S. state of Alabama. Birmingham is the seat of Jefferson County, Alabama's most populous county. As of the 2021 census estimates, Birmingham had a population of 197,575, down 1% fr ...

office. It's reported that the company serves around 2,000 clients - mostly small and medium-size banks. On November 19, 2020, Nasdaq, Inc. announced a deal to buy the company for

US$ The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...

2.75 billion, promising to maintain Verafin's existing headquarters in St. John's. The deal was completed in February 2021.

Awards and recognition

* 2011: Atlantic Business Magazine named Verafin President and CEO Jamie King in its Top 50 CEOs list. * 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. * Atlantic Business Magazine named Verafin President and CEO Jamie King for the second time in its Top 50 CEOs list.

References

External links

* Financial technology companies Financial services companies of Canada Companies based in St. John's, Newfoundland and Labrador Canadian companies established in 2003 Financial services companies established in 2003 2021 mergers and acquisitions Nasdaq, Inc. Canadian subsidiaries of foreign companies {{NewfoundlandLabrador-stub