SmartSearch has been named as one of Yorkshire’s fastest growing companies.

Over the past six years, turnover at SmartSearch has increased 1,450% in five years, from £379,000 in 2012, to £2.1m in 2015, £3.1m in 2016 and £5.5 million in 2017.

The business is on track to grow turnover by 50% this year to £7.5m; the longer-term aim is for turnover to hit £20m by 2020.

The firm launched its anti-money laundering (AML) verification platform into the financial services sector in January.

SmartSearch delivers AML searches and verifications on individuals and businesses across the UK and international markets – including screening for politically exposed persons (PEP). It is used by more than 3,000 businesses across the world, including 25% of the UK’s top law firms and one in three top UK accountancy firms, with 40-50 new clients joining each month.  

Just ahead of the ratification of the fifth money laundering directive, SmartSearch expanded into financial services.

SmartSearch launched its current AML platform in 2011. Its principal data partners are global information services companies, Experian and Equifax, while SmartSearch’s automatic Sanction and PEP screening is supported by Dow Jones.

The company has already won five awards for its technology, and the twenty-fold increase in turnover in just six years means the company has now been named one of the Yorkshire Fastest 50 growing companies for 2018, in the Yorkshire Post.

Martin Cheek (pictured), CEO of SmartSearch, said: “With fraud on the rise, there has never been a time when AML services have been in greater demand and by such a wide range of business sectors.

“Traditional AML searches are time-consuming and not always accurate, which is why there was a need for an online solution. Six years ago, we created a platform that makes it quick, easy and cost-effective for companies to conduct the most robust range of searches in the UK not only on individuals but also on companies too.

“Demand for our service is huge; we now have more than 30,000 users and have saved our clients more than £2.5 million so far over traditional searches and many hours of time. We have increased turnover by almost 2000% since 2011, our team has grown from seven to seventy and we are about to move into new offices to accommodate both our current staff and our imminent expansion.

“We can’t see our growth slowing down anytime soon; demand for our services is increasing all the time with around forty new clients coming on board every month.

“But despite our rapid growth, we are still a local family business where our staff are just as important as our clients. Our success is creating local jobs, bringing prosperity to the region and helping to drive the local economy, so we are delighted to have been recognised for our growth.”