As smart as they are known to be, human beings also retain a strong tendency to make mistakes every now and then. This has been reinforced a lot of times throughout our history, with each testimony practically forcing us to look for a defensive cover. This cover, nevertheless, will only arrive once we bring dedicated regulatory bodies into the fold. In fact, having a well-defined authority across each and every sector was a game-changer, as it instantly concealed many of our shortcomings, but that didn’t remain the case for very long. You see, the moment technology and its layered nature took over the scene; it gave people an unprecedented shot at exploiting others for their own benefit. Now, such a dynamic was always going to overwhelm our regulatory bodies, and that’s exactly what it did, thus sending the world back to square one. The effects of this setback, though, are now finally fading. The same has been evident across various recent developments, and one particular funding should only solidify it even more moving forward.
Kompliant, a startup delivering an “AI-driven” business onboarding and risk scoring platform, has successfully secured over $14 million in seed financing. Led by Level One Fund, the round saw further participation coming from the likes of former president of Visa, John Partridge; Jonathan Weiner, founder of Money 20/20, Stuart Sopp, CEO of Current, Mike Lohner, co-founder of DOSH and current chair of Stella & Dot. As a part of the established agreement, Level One Fund Partner, Andrew Stewart will also join the company’s board. Talk about how Kompliant plans on using the newly-raised cash, it will dedicate the funds towards product development, expanding customer base, and to support that bigger clientele, the company will conduct an extensive recruitment drive as well. Interestingly, Kompliant started off its journey with an intention to simplify the complications that revolve around transactions in the marijuana trade, but today, it offers a much wider suite of solutions. For instance, the company helps acquirer processors, banks, and sales organizations to build credit risk programs by leveraging services such as auditing, application processing and verification, and business monitoring. Furthermore, sales and finance teams can rely upon Kompliant’s tools to design the data capture, workflows, pricing algorithms, and credit framework rules that govern all their relevant programs, while oversight teams can turn to its solutions for easy compliance management.
“Using the configurable Kompliant platform means a financial institution has more time to focus on driving revenue growth and portfolio expansion by making the onboarding, decisioning, activation, and monitoring of their customers frictionless,” said Edward Katzin, CEO of Kompliant. “The technology helps companies increase profitability by improving the efficiency of customer acquisition, underwriting decisioning and account activation. With enhanced verification, businesses can also improve customer conversion, decisioning cycle-time, business monitoring, and response to fraudulent activity.”