We are thrilled to share that KYP has been prominently featured in a recent Dawn Capital article titled “The Business in Knowing Businesses — the emerging European KYB landscape” authored by Owen Brooks, Dan Chaplin, and Nils Howland. Published on December 13, 2023, this article delves into the growing importance of Know Your Business (KYB) compliance and the urgent need for innovative solutions like KYP.
The article highlights the disparity between Know Your Customer (KYC) and KYB compliance, with KYC benefiting from advanced technologies like biometrics and database checks, while KYB remains largely underserved by software solutions. Many KYC players resort to outsourcing KYB responsibilities, often leading to suboptimal outcomes due to the complexities inherent in assessing business entities.
The absence of reliable KYB software has pushed companies to explore various avenues, from outsourcing to manual processes, resulting in scalability issues and heightened risks of human errors. This problem is exacerbated by the staggering global impact of fraud, exceeding $1 trillion annually, and the significant financial investments made in compliance.
KYB compliance extends beyond financial services, affecting marketplaces and Small and Medium-sized Businesses (SMBs), making up a substantial part of the economy. The article emphasises the need for the emergence of next-generation KYB solutions to address these challenges.
In this context, the article spotlights KYP as leading the charge in revolutionising KYB compliance by differentiating themselves through adaptable workflows, robust analytics, and improved risk assessment capabilities. KYP, in particular, stands out for its focus on user-friendliness and configurability, catering to individual company processes and risk frameworks.
The article also emphasises Europe’s role as a hub for KYB innovation, featuring startups from various regions actively contributing to the transformation of compliance practices.
In conclusion, the article underscores the complexity and significance of KYB compliance and highlights the considerable opportunity it presents. KYP is proud to be at the forefront of this evolving landscape, committed to providing innovative solutions to meet the growing demands of KYB compliance. We look forward to collaborating with like-minded companies and individuals to shape the future of KYB compliance for a safer and more efficient business environment. If you are interested in learning more about KYP and our vision, please feel free to reach out to us. Together, we can lead the way in KYB compliance.
About Dawn Capital: Dawn are Europe’s leading specialist B2B software investor, with total commitments of $2bn. Dawn partners with founders building the next generation of global software leaders, supporting them to harness extraordinary teams, exceptional technology and scalable business models to create category-defining global companies.