Sinpex's AI KYB Automation Platform Gains Traction in Financial Sector
Sinpex, an AI-powered Know Your Business (KYB) automation platform, is making waves in the financial sector. The company, which extracts targeted information from documents in real-time and across multiple languages, is helping businesses streamline their KYB onboarding processes, particularly in relation to Anti-Money Laundering (AML) compliance. Sinpex's innovative solutions are gaining traction, as evidenced by its recent win at Money20/20 Europe and partnerships with leading realtors.
Sinpex's AI can connect to various services, including politically exposed persons sanctions lists and identity verification providers, making it a robust tool for KYB onboarding. The platform aims to automate 80% of document handling in compliance processes, a goal born out of its founder's experience working on large-scale bank KYC remediation projects for Deloitte.
The EU's upcoming AML package of reforms is driving demand for faster, more accurate, and auditable compliance processes. Sinpex is well-positioned to meet this demand, as demonstrated by its successful seed round of €4 million led by Ace Ventures and TX Ventures in 2022. Since then, Sinpex has extended contracts, onboarded major realtors, and solidified partnerships with third-party solutions providers.
One such partnership involved a leading German healthcare billing and software company that struggled to gather KYB information from thousands of client pharmacies due to Germany's Anti-Money Laundering Act. Sinpex's real-time AI capabilities and adaptability to client-specific needs helped automate 80% of KYB checks for this realtor.
Sinpex's achievements have not gone unnoticed. The Fintech Magazine Issue #36, Page 26-27, published an article about Sinpex, highlighting its innovative approach to KYB onboarding. The company's success at Money20/20 Europe in June 2023 further cemented its reputation, exposing it to a vast audience of potential financial services realtors.
Sinpex is poised for growth, with plans to expand into the US and the Nordic countries. The company is also developing more vertical-specific features and an AI co-pilot program for analysts. As the EU's new AML package approaches, Sinpex's real-time AI capabilities and adaptability make it an attractive solution for businesses seeking to simplify their KYB onboarding processes and ensure compliance.
