# Verafin
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> Source: https://en.wikipedia.org/wiki/Verafin
> Source revision: 1356098112
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{{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](/source/Subsidiary)
| founders = Jamie King, Brendan Brothers, Raymond Pretty
| foundation = {{Start date and age|2003}}
| location =
| location_city = [St. John's, Newfoundland](/source/St._John's%2C_Newfoundland_and_Labrador)
| location_country = Canada
| area_served = Worldwide
| key_people =
| revenue =
| operating_income =
| num_employees =
| industry = [fraud detection](/source/fraud_detection) [technology](/source/technology) and [anti–money laundering](/source/anti%E2%80%93money_laundering)
| products =
| parent = [Nasdaq, Inc.](/source/Nasdaq%2C_Inc.)
| divisions =
| homepage = {{URL|https://verafin.com//}}
}}
'''Verafin Inc.''' is a Canadian [fraud detection](/source/fraud_detection) [technology](/source/technology) and [anti–money laundering](/source/anti%E2%80%93money_laundering) software company based in [St. John's, Newfoundland and Labrador](/source/St._John's%2C_Newfoundland_and_Labrador), [Canada](/source/Canada).[{{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$2.75-billion|first=Mark|last=Rendell|work=[The Globe and Mail](/source/The_Globe_and_Mail)|date=November 19, 2020|accessdate=November 19, 2020}}] The company was established in 2003 by Jamie King, Brendan Brothers, and Raymond Pretty.[{{cite web|url=https://www.thechronicleherald.ca/business/local-business/roger-taylor-2020-business-deals-ranged-from-lobsters-to-nano-tech-and-everything-in-between-535906/|title=Roger Taylor: 2020 business deals ranged from lobsters to nano-tech and everything in between|last=Taylor|first=Roger|newspaper=[The Chronicle Herald](/source/The_Chronicle_Herald)|date=December 30, 2020|access-date=January 5, 2021}}]
==Growth and development==
More than 1,200 credit unions in the [United States](/source/United_States) use Verafin to effectively fight financial crime. In July 2012, Verafin employed around 130 employees at their St. John's headquarters and [Birmingham, Alabama](/source/Birmingham%2C_Alabama) office. It's reported that the company serves around 2,000 clients—mostly small and medium-size banks.[{{cite press release|url=https://www.businesswire.com/news/home/20120727005515/en/Three-New-Awards-for-Verafin|title=Three New Awards for Verafin|website=[Business Wire](/source/Business_Wire)|date=July 27, 2012}}][{{cite web|url=https://fortune.com/2021/02/08/nasdaq-50th-anniversary-stock-market-tech-stocks-fintech/|title=Roger Taylor: 2020 business deals ranged from lobsters to nano-tech and everything in between|last=Tully|first=Shawn|newspaper=[Nasdaq at 50: The company behind the tech-stock index reinvents itself as a financial-tech heavyweight]|date=February 8, 2021|access-date=May 27, 2021}}]
On November 19, 2020, American financial services company and stock exchange operator [Nasdaq, Inc.](/source/Nasdaq%2C_Inc.) announced a deal to buy the company for [US$](/source/US%24)2.75 billion, promising to maintain Verafin's existing headquarters in St. John's. The deal was completed in February 2021.[{{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.](/source/Bloomberg_L.P.)|date=February 11, 2021}}]
By 2026, the company's platform was utilized by over 2,750 financial institutions, representing over US$11 trillion in collective assets.[{{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}}]
==Awards and recognition==
* 2011: ''[Atlantic Business Magazine](/source/Atlantic_Business_Magazine)'' named Verafin President and CEO Jamie King in its Top 50 CEOs list.[{{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}}]
* ''Atlantic Business Magazine'' named Verafin President and CEO Jamie King for the second time in its Top 50 CEOs list.