4Stop, a know-your-customer and know-your-business platform, has closed its Series A round of funding.
The capital injection was provided by pan-European VC fund Ventech, which backs early-stage tech startups in the tech space.
Germany-based 4Stop aims to give films a solution to combat rising fraud rates, identity thefts and the continuous evolving regulatory landscape, it said.
The platform helps businesses save time and money on underwriting merchants by managing their anti-fraud processes and removing the need of using multiple third-party KYC data sources. By suppling clients with near real-time KYB, thousands of global data points, hundreds of KYC data sources, and anti-fraud technology.
4Stop CEO Ingo Ernst said, “This is another major milestone for 4Stop, one that we are all very proud of achieving and a true endorsement of our business and technology potential. We are very excited to take this opportunity to expand our business, team and our KYB, KYC and anti-fraud technology solutions. Allowing us to further facilitate modern, leading-edge risk-based management, from a single API solution.”
This investment comes just months after 4Stop deployed its KYC and anti-fraud solution into the international payment transfer enterprise FlashFX. The payments company uses the solution to improve its customer onboarding by further mitigating risks and easing compliance tasks.
Late last year, the RegTech also signed a deal with iovation, a TransUnion company, which uses the solution to improve its KYC and fraud prevention efforts.
The KYC space has received the lion share of focus between 2014 and 2018, according to data from RegTech Analyst. Of the $10.9bn to be invested into the entire RegTech sector during this period, a whopping 32.2 per cent has been given to businesses building KYC solutions.
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