The aim of the investment is to accelerate the company’s product development and boost its sales organisation, both to meet the demand of the global identity verification market for individuals and corporates that is anticipated to be worth USD 17 billion by 2026, as per the press release.
Standard Chartered’s officials said in statement that Chekk already serves as an integral part of SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, where Chekk has become the go-to KYC/KYB provider for the technology stack of internally built ventures. Chekk not only delivers a digital capability across multiple stakeholders, but it also presents several unique selling points that made it an attractive investment.
According to the press release, the global identity verification market for individuals and corporates was valued at USD 8 billion in 2020. It is expected to reach USD 17 billion by 2026, registering a CAGR of 13.29%. Major growth drivers of the market include enhanced global regulations in customer due diligence to combat the rise in financial crimes, as well as the need for digitisation of customer onboarding processes.
As technology advances, KYC/KYB and AML regulations have been increasing globally with growing demands made of financial services in particular, against the backdrop of a rise in fraudulent activities worldwide.
Chekk is an interaction Software-as-a-Service (SaaS) platform with the mission to remove pain and costs from interactions between companies and their individual and business customers, whilst enabling financial crime prevention, access to financial services, and new business relationships.
With secure end-to-end Know Your Customer and data management solutions, such as instant KYB, 30 seconds KYC, and Data Portability, Chekk can be consumed in a modular way and delivered via out of the box Web, Mobile, SDK, and API applications. Configurable to existing systems and processes, Chekk’s platform provides capabilities, including workflows, real-time risk engine, automatic visual company unwrapping, forms pre-filling & company documents, customer outreach Web & Mobile tools, multi-lingual AML checks, beneficial owners (UBOs) identification, and verification.
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