JKR Investment Group invests in KYCAID, a specialist company that verifies and monitors customer compliance. The investment is part of the group’s plans to expand across North America and Europe.
KYCAID, a supplier of B2B solutions that help clients with their compliance processes.
JKR stated that this investment will be used to expand the London-based company and open new markets. North America, Europe and LatAm were identified as the regions in which efforts will be concentrated.
KYCAID also works to improve its artificial intelligence capabilities for document and face recognition verification.
JKR made similar investments in Betegy and Beter in recent years. The report noted that global regtech was valued at upwards of 8bn dollars by the end of 2020, and this number is expected to triple in 2029 due to increased regulatory pressure.
Mykola Masshkovsky, CEO of KYCAID said that the regtech sector will triple its size in the next decade. KYCAID has a strong position to lead the market. The partnership will help KYCAID to develop and market itself in an industry that is rapidly growing.
Our marketing efforts will focus on entering new markets while our development activities will concentrate on improving in-house AI technologies. Now that we have the tools, it’s easier to reach our goals.
High demand
Alexander Gusev, CEO of JKR, said that KYC products are in demand and being sought by many new industries.
Gusev said: “The demand for KYC/AML products is increasing in the day-today lives of people and has become a part of many products online, giving trust and security to customers.”
The transactions have become so informal that AI is now required to support them. JKR is investing in a huge and inevitable market.
