UK screening technology firm Veremark has raised $15 million to fund expansion as employers intensify background checks amid tighter regulation, remote hiring risks and growing compliance demands.
The funding round values the business at about $100 million, according to comments by the company’s chief executive Daniel Callaghan, reported by The Times. The investment was led by Gresham House Ventures, the growth equity arm of British asset manager Gresham House. Veremark has also raised $11 million in debt.
Founded in 2020, Veremark provides automated background screening for employers hiring across borders. The platform operates in 180 countries and conducts more than 40 different checks, ranging from criminal records and sanctions lists to identity verification and credit history.
Callaghan said demand has accelerated as companies rely more heavily on remote and gig workers while governments tighten right-to-work and employment regulations. “If you are hiring people overseas you have never seen them before, you are sending them laptops and data,” he told The Times. “That heightens the risk you are bringing into your organisation.”
The company has embedded its services into several global employers-of-record (EOR) platforms, including Remote.com, Globalisation Partners and Multiplier. These firms have expanded rapidly since the pandemic, allowing companies to hire overseas staff while outsourcing compliance, tax and benefits administration.
Callaghan said heightened risk awareness is driving employers to move beyond one-off screening. “The modern company has to have an always-on risk mindset,” he said, pointing to the need for continuous monitoring rather than checks only at the point of hire, according to The Times.
Veremark’s customer base includes companies in regulated sectors such as financial services, where background screening is increasingly critical. Clients include Wise, Zilch and PensionBee, the newspaper reported.
The funding comes amid strong revenue growth. Veremark’s turnover rose from £5 million in 2024 to an annualised £20 million last year, based on December run-rate figures, Callaghan said. The company employs around 270 staff.
Investors see the business as well positioned as employers navigate stricter compliance rules, cross-border hiring complexity and rising concerns around data security. Veremark said the new capital will be used to expand its product offering and international footprint.
As remote work becomes more entrenched and regulators increase oversight, demand for continuous screening tools is expected to remain strong, placing companies such as Veremark at the centre of evolving global hiring practices.