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.