Due diligence and compliance automation specialist KYC Hub is pleased to report a successful and strong performance over the last 12 months which has seen it sign 55 new customers, launch new products, and win several leading industry awards. With financial crime a fast-growing and ever-evolving challenge, KYC Hub is on a strong upwards trajectory and plans to double its headcount over the coming year to meet growing demand. To support this expansion, it will also seek Series A funding over the next 12 months.

Financial crime risk presents a major challenge to financial services institutions. Heightened geo-political risk, as with the Russia-Ukraine war, has increased the scope for money-laundering. Trade-based money laundering and invoice fraud is on the up, and there are growing concerns in the crypto-currency space. These are also exacerbated by potential misuses of generative AI tools for fraud and money laundering by criminals. To combat suspicious activity, regulators worldwide are imposing new standards on financial institutions to detect and resolve financial crime risks. The UK’s second Economic Crime (Transparency and Enforcement) Bill¹ and the enlargement of the EU’s anti-money laundering package² are two cases in point. With embedded and open finance, new sectors and innovative fintechs are coming under particular regulatory scrutiny, as the growing status and size of some new players mean they represent a bigger risk to the market.

“Financial crime risk is evolving rapidly,” states Jay Rao, Co-founder, KYC Hub. “We are helping financial institutions, large and small, to put in place a more robust infrastructure that helps them to understand the customer better and keep in touch with new risks and regulatory changes. In particular, we enable them to adopt a flexible and configurable approach by automating key risk detection processes, providing no-code workflow orchestration capabilities, and superfast building, configuration and deployment of customer risk detection journeys. We are also working to help them overcome network risk via our knowledge graph, as financial institutions are now expected to establish whether any entity in the payer’s or payee’s network is tainted.”

Key product developments from KYC Hub over the last 12 months include the launch of OpsFlow, an RPA-powered³ solution that provides no-code, end-to-end customer risk detection, onboarding, monitoring, and orchestration. It has also developed a real-time Scenario Engine for transaction monitoring, which helps institutions understand the risks associated with any given transaction. Alongside this, it is currently developing an AI-engine to understand and improve the false positive rate for transaction monitoring. KYC Hub’s continued investment in its product and solutions has been instrumental in driving customer growth and international expansion. The new signings over the last year have seen it acquire clients in Dubai, APAC, Canada, and the US. 

Looking ahead, KYC Hub is confident of meeting its ambitious growth targets, with a key objective being to grow its enterprise customer base, achieve stellar results for clients, and to scale its workforce to accommodate this.

“We are excited for the coming year and to continue with our growth plans,” said Farnoush Mirmoeini, Co-founder, KYC Hub. “Following significant investment in our sales and growth teams last year, we are set to make a number of new hires, with plans in motion to recruit a Chief Data Scientist, a Head of Engineering, and to expand our marketing team. We will also continue to invest heavily in R&D to ensure our solutions use the latest technological advances to combat financial crime and provide better risk management tools to financial services players.”

KYC Hub’s growing success is confirmed through several award wins. Over the course of the last year, it has collected the honours for the most innovative client onboarding and lifecycle management solution in the A Team Innovation Awards, as well as best sanctions and PEPs⁴ solution in the RegTech Insights Awards USA. It has also featured in several rankings namely the Startup 100, the RegTech 100, Tech Women 100, and the Women in Fintech Powerlist.