VeriSIM secures £1.2 million funding

VeriSIM secures £1.2 million funding

VeriSIM, a UK-based provider of bank Web site simulation technology, has secured £1.2 million in funding from Scottish Equity Partners (SEP) and Albany Ventures.

Banks use VeriSIM technology to create simulations of online banking systems as a demonstration tool on Web sites. The vendor says its software provides a safe and perfectly simulated banking environment for raising customer awareness and improving user confidence in making online transactions.

In addition, the vendor's employee training software, VeriSIM T3, can be used to train large groups of call centre staff and dispersed branch network employees.

Since its inception in 2000 the company has established a strong blue-chip customer base within the financial marketplace, which includes banks such as HSBC, HBOS and Royal Bank of Scotland.

Andy Steel of Albany Ventures will join VeriSIM's board of directors following the funding round. He comments: "We are impressed by the impact VeriSIM has had in providing a practical solution to two of the biggest issues facing companies today - driving e-commerce and training staff to ensure excellent standards of customer service."

VeriSIM says it plans to expand into new sectors, such as government, telecommunications and retail in both the European and US markets.

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