ComplyCube expands startup program with up to $50K each for KYC and AML support
ComplyCube has committed to providing free digital identity verification checks, resources, and consultancy services to even more startups to help them engage in frictionless biometric onboarding and know your customer experiences.
The expanded Startup Program will supply qualifying startups with credit allowances worth up to $50,000 for the implementation of a risk-based KYC and anti-money laundering framework, according to the announcement. ComplyCube estimates up to 100 startups will be helped by the program this year.
The company says premium features are included to help chosen startups win and retain customers, reducing dropout rates from the 38 percent sometimes seen with conventional identity verification and KYC platforms.
“Startup enablement is core to modern economies in an increasingly intertwined world” says Dr. Tarek Nechma, CEO of ComplyCube. “That’s why we’ve enhanced our Startup Program to help more startups meet their regulatory obligations effortlessly and cost-effectively.”
The enhanced program offers a minimum number of credits, which are increased with accelerator or venture capital investor backing, as well as an ongoing 30 percent discount in ComplyCube’s Premium Verification Plan, for up to $15,000. AML and KYC training and consultancy, and in some cases a dedicated ComplyCube Account Manager are also included.
“It’s always been part of our DNA to support startups across the globe. The new initiative will make it easier for early-stage and growing businesses to launch innovative ideas faster, thanks to our powerful suite of eKYC services,” explains Mohamed Alsalehi, CTO at ComplyCube.
Qualifications for startups include incorporation less than 3 years ago, and no more than $5 million raised in total funding so far.
ComplyCube launched biometric face authentication in June to help prevent account takeovers and signups with synthetic identities.