Our team has advised APLYiD, a kiwi reg-tech startup on its recent $7 million series A round. The round was led by UK-based Octopus Ventures, with Australian firm Tribe Global Ventures also participating.
Founded in 2018 by Claudia Smith and Russell Smith, APLYiD has created an easy-to-use SaaS solution to help its users comply with their KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements when onboarding new customers.
APLYiD’s mobile-first application automates the verification process required by companies to meet their AML anti-money laundering requirements. It uses biometric technology to automatically match ID photos with a selfie of the document holder to verify their identity. The out-of-the-box system is used by the likes of financial services providers, law firms, car rental businesses, and remittance services.
With its new round of funding, the company intends to focus on product development, growing its team, and international growth. The round coincides with the official opening of APLYiD’s UK office in London.
Partner Lee Bagshaw says of the deal, “APLYiD has created an elegant digital AML solution to help businesses stay compliant with customer onboarding processes whilst reducing inefficiencies and time taken. This is increasingly important for businesses in sectors such as financial services and legal as they tackle KYC compliance requirements and the threat of digital fraud. We look forward to seeing how they continue to grow with this latest round of funding.”
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