{{Short description|Subsidiary of Nasdaq, Inc.}} {{Use mdy dates|date=August 2025}} {{Infobox company | name = Verafin | logo = Verafin logo.png | image = | image_caption = | type = Subsidiary | founders = Jamie King, Brendan Brothers, Raymond Pretty | foundation = {{Start date and age|2003}} | location = | location_city = St. John's, Newfoundland | location_country = Canada | area_served = Worldwide | key_people = | revenue = | operating_income = | num_employees = | industry = fraud detection technology and anti–money laundering | products = | parent = Nasdaq, Inc. | divisions = | homepage = {{URL|https://verafin.com//}} }}
'''Verafin Inc.''' is a Canadian fraud detection technology and anti–money laundering software company based in St. John's, Newfoundland and Labrador, Canada.<ref name="tgam-nasdaq">{{cite news|url=https://www.theglobeandmail.com/business/article-nasdaq-to-buy-canadas-verafin-for-us275-billion/|title=Nasdaq to buy Canada's Verafin for US$2.75-billion|first=Mark|last=Rendell|work=The Globe and Mail|date=November 19, 2020|accessdate=November 19, 2020}}</ref> The company was established in 2003 by Jamie King, Brendan Brothers, and Raymond Pretty.<ref>{{cite web|url=https://www.thechronicleherald.ca/business/local-business/roger-taylor-2020-business-deals-ranged-from-lobsters-to-nano-tech-and-everything-in-between-535906/|title=Roger Taylor: 2020 business deals ranged from lobsters to nano-tech and everything in between|last=Taylor|first=Roger|newspaper=The Chronicle Herald|date=December 30, 2020|access-date=January 5, 2021}}</ref>
==Growth and development== More than 1,200 credit unions in the United States use Verafin to effectively fight financial crime. In July 2012, Verafin employed around 130 employees at their St. John's headquarters and Birmingham, Alabama office. It's reported that the company serves around 2,000 clients—mostly small and medium-size banks.<ref name="Three New Awards for Verafin">{{cite press release|url=https://www.businesswire.com/news/home/20120727005515/en/Three-New-Awards-for-Verafin|title=Three New Awards for Verafin|website=Business Wire|date=July 27, 2012}}</ref><ref>{{cite web|url=https://fortune.com/2021/02/08/nasdaq-50th-anniversary-stock-market-tech-stocks-fintech/|title=Roger Taylor: 2020 business deals ranged from lobsters to nano-tech and everything in between|last=Tully|first=Shawn|newspaper=[Nasdaq at 50: The company behind the tech-stock index reinvents itself as a financial-tech heavyweight]|date=February 8, 2021|access-date=May 27, 2021}}</ref>
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, promising to maintain Verafin's existing headquarters in St. John's. The deal was completed in February 2021.<ref name="tgam-nasdaq" /><ref>{{cite press release|url=https://www.bloomberg.com/press-releases/2021-02-11/nasdaq-completes-acquisition-of-verafin|title=Nasdaq Completes Acquisition of Verafin|website=Bloomberg L.P.|date=February 11, 2021}}</ref>
By 2026, the company's platform was utilized by over 2,750 financial institutions, representing over US$11 trillion in collective assets.<ref name="GlobalReport2026">{{cite press release|url=https://ir.nasdaq.com/news-releases/news-release-details/nasdaqr-verafin-report-finds-financial-crime-epidemic-reaching|title=Nasdaq Verafin Report Finds the Financial Crime Epidemic Reaching Alarming New Heights as Illicit Financial Activity Surges to $4.4 Trillion in 2025|publisher=Nasdaq, Inc.|date=March 11, 2026|access-date=April 23, 2026}}</ref>
==Awards and recognition== * 2011: ''Atlantic Business Magazine'' named Verafin President and CEO Jamie King in its Top 50 CEOs list.<ref name="Three New Awards for Verafin"/> * 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.<ref>{{Cite web |last=Canada |first=National Research Council |date=2015-11-30 |title=Fighting financial fraud – Innovative software acts like a detective |url=https://nrc.canada.ca/en/stories/fighting-financial-fraud-innovative-software-acts-detective |access-date=2025-04-04 |website=nrc.canada.ca}}</ref> * ''Atlantic Business Magazine'' named Verafin President and CEO Jamie King for the second time in its Top 50 CEOs list.<ref name="Three New Awards for Verafin"/>
==References== {{reflist}}
==External links== * {{Official website|https://verafin.com/}}
Category:Financial technology companies Category:Financial services companies of Canada Category:Companies based in St. John's, Newfoundland and Labrador Category:Canadian companies established in 2003 Category:Financial services companies established in 2003 Category:2021 mergers and acquisitions Category:Nasdaq, Inc. Category:Canadian subsidiaries of foreign companies
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