WiseTech founder Richard White acquires corporate KYC firm Kyckr

Richard White, Founder and CEO at WiseTech Global

Kyckr, the KYC company providing businesses with real-time data on prospective and existing clients and suppliers, has been acquired by Australian tech-entrepreneur and WiseTech Global Limited founder Richard White through his investment vehicle RealWise KYK AV Pty Ltd.

What is the market offering of Kyckr?

Kyckr provides companies with legally-authoritative real-time access to aggregated corporate Know Your Customer (KYC/KYB) and Ultimate Beneficial Owner (UBO) information from a pool of over 300 company registries and primary regulated sources around the world, enabling them to undertake real-time due diligence on over 120 million companies globally.

This allows firms to minimise their exposure to commercial risk, prevent financial crime like money laundering and ensure compliance by better understanding their clients and suppliers.

Ian Henderson, CEO of Kyckr said, “The Kyckr team is delighted to have the strategic guidance, support and vision that successful tech-entrepreneur Richard White provides.”

Ian Henderson, Chief Executive Officer of Kyckr

“We are embarking upon an exciting evolution of our powerful offering to broaden its scope by building an integrated global software solution to enable businesses to navigate the highly complex and dynamic compliance and counterparty risk management challenges that they face in an increasingly interconnected and digital marketplace,” Ian Henderson added.

Why did White acquire Kyckr?

White who founded and owns over 40% of WiseTech Global, one of the most valuable tech companies on the ASX with a market capitalisation of over A$16bn said, “Businesses today operate in an increasingly interconnected marketplace, where compliance with laws and regulations related to anti-money laundering, sanctions and an ever-expanding list of financial crime typologies is becoming increasingly high-risk, complex, time-consuming and costly.”

“I see in Kyckr the opportunity to replace manual processes and aggregate real-time data from disparate sources to provide a scalable, reliable, highly compliant and cost effective KYC/KYB/UBO tech platform solution like WiseTech’s CargoWise has replaced multiple single-point legacy systems in the fragmented logistics sector with integrated tech that drives productivity, reduces compliance risk and facilitates planning, visualisation and control.”