Danish BNPL start-up Anyday taps ComplyAdvantage for customer screening

ComplyAdvantage and Anyday partnership comes amid the increasing adoption of regtech in the financial industry

by | May 26, 2022 | bobsguide

UK regtech group, ComplyAdvantage, has partnered with Danish split payments start-up Anyday to provide the latter with customer screening and monitoring services.

The partnership will enable Anyday to utilise ComplyAdvantage’s automated data generation capability to automate customer onboarding and monitoring with a real-time AML risk database.

“It was paramount for Anyday that we found a partner to not only help us screen and monitor our customers in accordance with regulatory requirements in our current and future served markets, but to do so with the most robust data set available on the market and with a high-quality technological interface,” said Luke Golden, product owner for Anyday.

“Through ComplyAdvantage’s simple, yet powerful API and easy-to-understand dashboard and case management tool, it was a no-brainer that ComplyAdvantage was the right partner for us.”

Anyday’s risk-countering tools upgrade come at the heels of its €4 million seed funding round from last month to accelerate its expansion across the Nordic region.

Anyday is a buy-now-pay-later (BNPL) platform that enables customers to split their payments into four instalments with no interest. Vendors instead pay a transaction fee to the platform.

The collaboration marks a new client win for ComplyAdvantage, which this year has already secured several new clients for its monitoring services.

In February, the group secured the custom of digital banking platform, Novo, for its transaction monitoring services.

That same month, digital asset custodian, Fireblocks, also subscribed to ComplyAdvantage’s customer screening and monitoring services as well as its transaction risk management capability.

Two months later, online credit provider Upgrade followed suit.

Demand for regtech surges

ComplyAdvantage’s recent series of wins underscore the growing adoption of SaaS technology to circumvent financial crimes in the industry – a growing market which is still able to accommodate multiple new entrants.

According to a survey by Thomson Reuters, 49% of respondents were considering the use of regulatory technologies to manage compliance with regulations.

Research company Reportsnreports estimates that the global regtech market will grow to $19.5bn by 2026, a compound annual growth rate of 20.8% from $7.6bn in 2021.

Earlier this month, US payment tech firm Brightwell launched an AI-powered risk detection platform, Arden, to protect its clients from enumeration attacks.

A month prior, New Jersey-based fintech infrastructure specialist Cross River Bank had bolstered its fraud prevention capability by partnering with fraud and compliance start-up Sardine.

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