At a time when cyber crime is rampant through it’s sheer profitability, Australia’s financial institutions will soon be coated by another layer of cybersecurity through a partnership between regtech company Kyckr (ASX: KYK) and fraud-prevention company FrankieOne.
Through the partnership, FrankieOne’s clients will gain access to Kyckr’s data feed which includes more than 180 company registries and more than 170 million legal entities around the world. This will include Kyckr’s anti-money laundering (AML), know-your-customer (KYC) and know-your-business (KYB) data that will be integrated into the FrankieOne platform which aggregates ID verification networks into a singular API used by banks, financial institutions and lenders around the world.
“We are pleased to announce our partnership with FrankieOne, one of the most exciting onboarding solutions globally and a key figure in one of our target markets, Australia,” said Kyckr CEO, Ian Henderson.
“It has been very encouraging to see strong demand for Kyckr’s and FrankieOne’s complimentary KYB services. We are looking forward to working closely with FrankieOne and growing our partnership in the future.”
No commercial terms around the partnership were disclosed but the partnership continues strong momentum for Kyckr which saw major increases in the uptake of their services through the COVID-19 pandemic.
“We are seeing extensive demand for international services and already have major financial institutions such as InfoTrack consuming the international data via FrankieOne’s single unified API,” said FrankieOne CEO, Simon Costello.
For the quarter ending 30 September 2020, Kyckr reported $646k revenue which represented 16% growth and improved margins on the prior corresponding period. This was primarily driven by corporate clients at a time where increased adoption of work-from-home practices has prompted upgrades in cybersecurity measures around the world.
Since reporting those increased revenue figures, Kyckr has secured a 12 month contract extension with the Bank of Ireland while also signing multinational law firm Clifford Chance as a client.
Alfred Chan is an Analyst at Emerald Financial, specialising in ASX-listed small cap companies.
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