Deloitte Buys Toronto Fintech Allevar to Boost Firm's Skills in Risk and Regulatory Matters
Deloitte Canada, one of the world's leading professional services networks, has announced the acquisition of Allevar, a Toronto-based financial technology firm. This strategic move aims to expand Deloitte’s capabilities in regulatory compliance and technology solutions, specifically targeted at the financial services sector.
Founded by Dan Wood in 2005, Allevar started as a business architecture and project management firm. Over the years, customer demands spurred an expansion of Allevar’s capabilities to include technological solutions. The firm has technical expertise in key risk & compliance areas such as Fraud Management, Anti-Money Laundering (AML), Payment systems, and Know Your Customer.
The acquisition represents a strategic expansion of Deloitte’s capabilities, offering unparalleled value to clients and ensuring growth trajectory with a solid foundation of regulatory compliance and operational efficiency. According to Anthony Viel, CEO of Deloitte Canada, the integration of Allevar's expertise will significantly enhance Deloitte’s ability to deliver comprehensive solutions around financial crimes and compliance demands.
Key strategic impacts of the acquisition include strengthening regulatory compliance and risk management capabilities, serving financial services organizations more effectively, and enhancing technology-driven compliance solutions. The integration of Allevar into Deloitte’s Strategy, Risk Management, and Operations group, particularly within the regulatory and risk management team, will improve Deloitte’s ability to address regulatory challenges in financial services, including AML and fraud prevention.
Moreover, key Allevar leaders, including CEO Dan Wood, Dave Whyte, and Maureen Binder Kotopski, will be joining Deloitte Canada's Regulatory & Risk practice. Their expertise will further steer compliance and technology innovation efforts, ensuring continuity and deep industry knowledge within Deloitte’s expanded offering.
Dan Wood, the founder of Allevar, described the Deloitte transaction as "a significant milestone in our growth journey." He expressed confidence that the partnership aligns with Allevar’s core values and vision, and is made with a focus on their people, clients, and the future.
The partnership between Allevar and Deloitte Canada is seen as a strategic move to expand Deloitte's capabilities in regulatory compliance and technology solutions. The acquisition is expected to further strengthen Deloitte's position in the financial technology industry, positioning Deloitte Canada as a leader in delivering innovative, technology-enhanced financial crime and compliance solutions, reinforcing its market leadership in the financial services regulatory space.
[1] Source: Deloitte Canada press release [4] Source: Deloitte Canada press release
The acquisition of Allevar by Deloitte Canada will strengthen Deloitte's position in the financial technology industry by expanding its capabilities in regulatory compliance and technology solutions. This integration will further reinforce Deloitte Canada's market leadership in the financial services regulatory space, particularly in areas such as Fraud Management, Anti-Money Laundering (AML), Payment systems, and Know Your Customer.
The partnership between Allevar and Deloitte Canada brings together the expertise of key leaders like Dan Wood, Dave Whyte, and Maureen Binder Kotopski, who will join Deloitte Canada's Regulatory & Risk practice. Their knowledge will contribute significantly to Deloitte's efforts in compliance innovation and technology development, ensuring a solid foundation of regulatory compliance and operational efficiency.
