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Source: Tier1 Financial Solutions
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.
Financial Services
