Client
Generation Investment Management LLP
Objective
GIM were leading a $220 million Series E investment into a US remittance company, Remitly. They wanted a practical and operational assessment of the financial crime, foreign exchange pricing and client money due diligence workstreams. A critical factor in selecting an advisory firm to undertake this workstream was deep knowledge of the products and industry issues so they could benchmark the impact of the findings.
Approach to engaging with clients
fscom were instructed as the sole advisory firm on this due diligence workstream. We conducted a 2 week onsite assessment of the firms systems and controls at the Head Office in Seattle. Using our subject matters experts in the technical areas and regionally we were able to deploy a multi-disciplinary team that had knowledge and experience of the business model. Leveraging our industry insight we provided a report to GIM that identified material issues, the remediation measures, the relevant costs to fix and the regulators view of the findings. The report used our insight of industry best practice both to assess the seriousness of the issue but also what good practice looks like for remediation purposes.
Outcome
GIM successfully invested $135 million as part of the overall fundraise.
