Global KYC regtech company, First AML and Convera, the largest non-bank B2B cross-border payments company, have announced a strategic alliance. Convera and First AML announced the alliance in light of the evolving regulatory landscape and mounting pressure this is placing on financial institutions both internally, on resource, and externally from compliance risks.
What does Convera add to First AML’s portfolio?
First AML is an AML regtech company founded in Auckland, New Zealand. The business offers customers a global pre-verified complex entity ecosystem accessed using proprietary, cloud-based technology to streamline and reduce the cost of the Know Your Customer (KYC), Know Your Business (KYB) and Customer Due Diligence (CDD) regulatory requirements.
Helping make an otherwise complex and manual onboarding process simple for end users and cost effective for businesses. First AML’s strategic alliance with Convera will involve Convera introducing its clients to First AML who may have a need to use its services.
The alliance also follows First AML’s UK launch in April and their recent win at the New Zealand Hi-Tech Awards. The firm completed a NZ$30m Series B funding round at the end of 2021.
What were the executives’ thoughts on the partnership?
Sam Fitzpatrick, Convera’s Regional Vice President of APAC, commented: “Companies can be hesitant to offer international payment and foreign exchange services due to the complexities of navigating global compliance requirements. At Convera we make moving money so easy that any company in the world can grow with confidence. Our strategic alliance with First AML offers an opportunity to our clients who may want support managing KYC to their services.”
Commenting on the partnership, CEO and Co-Founder Milan Cooper said, “The market for AML has grown nearly 20% in the past year to US$214bn, and with groundbreaking investigations around tax havens and money laundering across multiple countries, our strategic alliance with Convera could not have happened at a more suitable time.”
“We’re both in the market to make it easier for people to participate in the financial market but also want to limit the onerous, risk prone and costly process for more of the banks.”