Credas CEO Timothy Barnett Departs Following Successful Acquisition by SmartSearch

Credas CEO Timothy Barnett Departs Following Successful Acquisition by SmartSearch

Credas Chief Executive Officer Timothy Barnett has confirmed his departure from the Cardiff-based identity verification and anti-money laundering (AML) specialist following its acquisition by SmartSearch.

In a statement shared on LinkedIn, Barnett revealed that he “effectively left the business in early January, with the sale of Credas to SmartSearch, who took immediate control.”

Barnett led Credas for more than six years, overseeing a period of sustained growth and commercial expansion. During his tenure, the business strengthened its technology capability, expanded its market position and built a reputation as one of the UK’s leading digital identity and AML verification providers.

Reflecting on his time at the helm, Barnett described the past six years as “rather extraordinary,” highlighting the company’s performance and operational strength. He stated that Credas is “the fastest growing company in the sector, by far the most profitable,” with revenue churn at less than one per cent and more than five million individuals using its services annually.

Credas was originally founded by Rhys David and Kevin Smith, whose early foundations Barnett credited as instrumental to the company’s trajectory. He also acknowledged the support of early majority shareholders The Indigo Group during the company’s formative years.

For the past two years, Credas operated under the ownership of Dye & Durham Corporation. The recent acquisition by SmartSearch marks a new chapter for the Cardiff-headquartered regtech firm and further consolidation within the UK compliance and digital verification market.

Barnett concluded his message by thanking colleagues, customers, suppliers and the South Wales business community for their support throughout his leadership, adding that while he is stepping into early retirement, it may not be for long.

The acquisition signals continued momentum within Wales’ regtech ecosystem, with Credas having become a significant contributor to the region’s growing fintech reputation.