NEW YORK, July 5, 2022 /PRNewswire/ — ComplyCube, the award-winning verification platform, has increased startup assistance to $50,000. The Startup Program supports qualifying businesses with free checks, resources, and consultancy to enable them to implement engaging and frictionless onboarding and KYC experiences.
Qualifying startups will now be able to apply for substantial credit allowances on ComplyCube’s products and services worth up to $50,000 to support them in implementing a robust and risk-based AML/KYC framework.
The Global KYC company says the improved assistance gives businesses access to premium features, thus helping them derive more value and increase competitiveness at every touchpoint to win and retain customers. This effectively reduces customer dropout rates which can be as high as 38% with conventional IDV and KYC tools and platforms.
ComplyCube estimates that the expanded program will aid up to 100 startups this year. "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", adds Dr. Nechma. "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.
As part of the enhanced program, startups can get financial, business, and technology support, including:
- A minimum of 1,000 credits in initial startup credits, with opportunities to receive additional credits based on Accelerator or VC investor backing.
- Select startups, able to showcase ComplyCube’s IDV, will be eligible to receive an ongoing 30% discount on ComplyCube’s Premium Verification Plan, up to $15,000, and enjoy unique KYC capabilities.
- AML/KYC training and consultancy to up-skill staff.
- Select startups may qualify for a dedicated ComplyCube Account Manager.
To qualify, startups need to fulfill the following criteria:
- Incorporated less than 3 years ago.
- Raised no more than 5 million USD, or equivalent, in total funding.
- Has a publicly available company website.
- Not an educational institution, government entity, personal blog, dev shop, consultancy, agency, bitcoin, or crypto-mining company.
- Committed to building a risk-based AML/KYC framework in line with FATF’s guidelines.
- Not currently enrolled in the Startup Program.
- Proof of VC or Incubator backing to receive additional benefits.
ComplyCube is a global SaaS & API platform for automating Identity Verification (IDV), Anti-Money Laundering (AML) & Know Your Customer (KYC) compliance, with customers across telecoms, financial services, healthcare, e-commerce, cryptocurrency, FinTech, and more.
Contact ComplyCube to learn more.