By Aisling Finn on Tuesday 27 April 2021
‘ComplyLaunch’ is aimed at pre-seed and seed-stage companies and will be completely free for eligible firms.
One of the most important, and often neglected, tasks when setting up a business is making sure you comply with anti-money laundering (AML) and fraud regulations. Well, that’s where ComplyAdvantage steps in.
The regtech has today launched a new, free initiative aimed at early-stage startups called ComplyLaunch.
Through ComplyLaunch, firms will have access to ComplyAdvantage’s anti-money laundering and Know Your Customer (KYC) tools as of today, allowing young companies to grow with lower risk to their businesses and greater customer trust.
“There’s a huge wave of fintech companies joining the revolution and all of them have the same challenges in terms of combatting waves of money laundering and terrorist financing threats from countries like North Korea, Iran and Burma,” CEO and founder of ComplyAdvantage, Charles Delingpole told AltFi.
“We want to give these companies the benefit of hundreds of millions of dollars of investment, for free, because we want to allow new insurgent companies to take on the big banks,” he went on.
The tools will be free to access for pre-seed and seed-stage companies that make less than $1m in annual revenue, are less than ten years old and have at least a company webpage or web profile.
“We want this programme to be the first place that every fintech in the world comes too to solve these problems, irrespective of size,” Delingpole added.
Delingpole went onto say that he chose not to charge for the service because, as a serial entrepreneur himself—he founded online student forum, The Student Room and SME finance provider MarketFinance—he knows how invaluable the programme is.
“The first thing you think about when starting a company is how to grow and raise money. Then, all of a sudden half your budget is consumed with growth plans and overseas launches that you start having nightmares about going to jail,” the CEO joked.
“We just wanted to make the process as easy and straightforward as possible so that founders can stay out of jail and the headlines.”
Some of the first startups to join the programme are escrow payment specialist trustshare and ecommerce management platform, Juno.
“Because we’re focused on simplifying bank payments between friends, family, customers and businesses it made complete sense for our team to join the ComplyLaunch program,” said Pete Bailey, founder and CPO of Juno.
As well as launching ComplyLaunch, the regtech has teamed up with crime compliance consultancy FINTRAIL to provide AML education and ongoing training for users of the new initiative.
Last July, ComplyAdvantage raised a $50m Series C, bringing its total raised to date to just under $100m. A large chunk of the funding has gone towards making ComplyLaunch happen, as well as making a series of executive hires.
In October 2020, the regtech appointed Richard Orme as its newest CTO, where he joined from online photo printing company Photobox Group, and former Funding Circle engineer Anna Keren as its VP of technology.
ComplyAdvantage now supports over 500 businesses in more than 75 countries, identifying tens of thousands of risks every single day.