- Regulatory tech company Kyckr (KYK) has signed a new deal with Germany’s second-largest bank to provide it with its customer verification platform
- Commerzbank previously sourced Kyckr’s product on a pay as you go monthly basis, but the bank has now signed an annual agreement which will net Kyckr a minimum $100,000 a year
- It follows the company’s recently announced extension of services to investment banking giant Citigroup
- Kyckr said it’s also kicking goals on the balance sheet, after it reported its highest-ever revenue month last month, up 39 per cent to $260,000
- The news has seen the company’s share price jump more than 40 per cent higher today, with shares trading for 9.7 cents each
Global regulatory tech company Kyckr (KYK) has signed a new deal with Germany’s second-largest bank, Commerzbank, to provide the bank with its customer verification platform.
The company’s technology will be used to provide automatic access to primary source data and documents during the critical stage of customer verification, primarily for Commerzbank’s operations in the U.K.
The bank previously sourced Kyckr’s product on pay as you go monthly basis, now it has signed an annual agreement which will net Kyckr a minimum $100,000 a year.
“We are extremely pleased that we have extended our relationship with Commerzbank through a longer term contract. The agreement is a further demonstration of the market need for Kyckr’s Know Your Customer products for the financial services sector, and builds on the relationships we have been developing with some of the world’s largest banks.”Kyckr CEO, Ian Henderson
The good news follows the recently announced extension of services to Citi Commercial Bank (Citigroup) worth roughly $496,000.
Kyckr’s strong form has seen it kicking goals on its balance sheet too, after it recently scored its highest-ever revenue month.
“I am also pleased to report that in April we recorded Kyckr’s highest ever monthly revenue to date,” Commented company CEO Ian Henderson.
“This underlines our strong momentum despite the challenging COVID-19 pandemic, and the continued demand for anti-money laundering and countering terrorist finance measures in the market,” Ian continued.
Who is Kyckr?
Kyckr is a global regulatory technology business, providing technology solutions. Its solutions are connected to over 200 regulated primary sources, in over 120 countries, providing real-time company registry information on over an estimated 170 million businesses globally.
The news has seen the company’s share price jump more than 40 per cent higher today, with shares trading for 9.7 cents each at 12:40 pm AEST.