Blogs and best practices from the world of Fintech
Preventing criminals from opening bank accounts and laundering money is obviously a highly desirable goal. The first line of defense in pursuing this goal today lies with banks – known as KYC (Know Your Customer, the verification of identity) and AML (Anti-Money-Laundering checks). This is because governments have conveniently outsourced this task to banks, dangling gigantic fines above them as an incentive. For several reasons, however, this is a mistake. Here is why.
This is a guest post by our good friend Tobias Baer. We hope that you will enjoy it!
Exactly one year ago, Boyko and I set on a mission to create a company that becomes a billion dollar business and has a significant impact on the local ecosystem and economy. For the past one year, we managed to build a financial product and get to paying customers in 5 months, grew to a team of 10, have customers from 9 countries, deployed 131 new versions of our product with an average of 1.1 new version every working day, became a partner with Visa and Wirecard, raised angel and pre-seed rounds of €675,000 by 8 superstar angels and Eleven Ventures, and growing every day.
Everybody hates expense reports and administrative work that doesn’t add value to the business. It will be ideal to simplify administration and focus on what we do best - growing our business. But failing to organize expenses with accountants might result in paying a bigger price than you think.