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Regtech company Kyckr raises $5.2 million in share placement

01 Aug 2019

Regulatory technology (regtech) company Kyckr Limited is pleased to announce that it has raised AU$5.2 million (before costs) in a Placement to new and existing institutional and private investors.

The Company has made forward progress in the last few months with the launch of its improved digital platform, Kyckr.com, for Know-Your-Customer authentication which has experienced early growth signs since its launch.

Kyckr has also continued to focus on developing strategic partnerships with firms across the financial, data and technology space, as an accelerated method of growing exposure to new clients and revenue.

This has resulted in recent collaborations with leading insurer AXA Singapore and with global data platform providers DemystData and ESC.

As Kyckr continues to scale up, the proceeds from the Placement will be used to accelerate the Company’s global commercialisation activities and will be applied towards additional resources (Business Development and Account Management), continued investment of Kyckr’s products and general working capital purposes.

Kyckr CEO Ian Henderson says, “We are extremely encouraged by the support received from our new and existing investors.

"This capital injection accelerates our commercialisation plans and we are confident in our ability to capitalise on the opportunities in the regtech industry as services such as business verification, beneficial ownership identification, and risk assessment continue to rise.

“We are confident in our ability to effectively capture market share, and we look forward to providing further updates as we progress with our strategy.”

Kyckr aims to offer global company intelligence from the most legally authoritative and compliant sources in the world.

It connects to over 200 company registries globally, across 120 countries and more than 170+ million legal entities.

Its products and services use technology to help organisations through regulatory, Know Your Customer (KYC) and compliance challenges.

Kyckr does not store the information it accesses.

Instead, it connects organisations to the registry at every search, ensuring that it can guarantee the quality and accuracy of the information returned.

Backed by years of experience and technology, its customers now include regional and global banks, payment providers, global suppliers and more.

Its automated solutions offer a suite of tools to help manage an organisations’ compliance processes, no matter where it is in the world.

In 2016, GBR was rebranded as Kyckr, listing on the Australian Securities Exchange (ASX).