Australia’s most connected account opening platform provider, LAB Group (“LAB” or “the Company”), is pleased to announce that it has signed a strategic integration partnership with global database verification company Kyckr Ltd (ASX: KYK).
Kyckr is an established and fast-growing B2B data and software company listed on the ASX. It aggregates, organises and structures the world's company data to reduce the business risks associated with counterparty relationships such as fraud, money laundering and financial crime.
Kyckr is the leading global provider of real-time company registry information on over 170 million businesses, from 200+ regulatory sources across 120 countries. Through the combination of accurate primary source data with innovative technology, Kyckr’s solutions help organisations to succeed in the fight against financial crime while reducing operational costs associated with verification and compliance.
This strategic partnership provides LAB Group and its clients with instant access to primary source company data, enabling enterprise organisations to verify, onboard and monitor their customers. Kyckr’s deep corporate data set will increase operational efficiencies for LAB clients who require multijurisdictional data coverage and regional information extraction to manage their corporate and institutional onboarding more efficiently. Utilising LAB Group’s leading exceptions framework, this service will help organisations on the LAB Platform to further automate their complex onboarding and Ultimate Beneficial Owner (UBO) analysis in order to increase the efficiency in meeting regulatory obligations.
This partnership aligns to Kyckr’s global growth strategy and significantly increases global distribution of their company data verification services through LAB Group’s rapidly expanding onboarding platform. This integration enhances Kyckr’s international reach and speaks to their status as the leading provider of corporate verification services globally. Kyckr’s customers can also benefit from connectivity to LAB Group’s innovative platform to streamline their onboarding processes.
Kyckr CEO, Ian Henderson, said:
"We at Kyckr are excited to partner with LAB Group to enhance Kyckr’s distribution capability through a leading standardised platform. We view LAB Group's services as highly complementary to our own and we look forward to providing increased speed and accuracy in how their clients verify and onboard customers."
Nick Boudrie, CEO of LAB Group, said:
"We are delighted to deliver a highly strategic integration through our partnership with Kyckr. The integration further refines our institutional, wholesale and sophisticated investor onboarding offering to meet the complex requirements and exemptions of global enterprise clients. This is an important step for LAB as we continue to pioneer a solution for institutional onboarding and expand our international footprint.
“Kyckr is a is partner who fits well with our high pedigree global clients who require verification options across multiple jurisdictions.”
LAB Group Global Head of Business Development, Jason Marsham, said:
"Achieving this integration with Kyckr is a satisfying result following a sustained period of international collaboration in which we have worked to identify global growth opportunities to provide an innovative solution to institutional organisations who have been left behind in the onboarding space. As a global database verification company operating with a strong product set in more than 100 countries, securing Kyckr as an integration partner has been a key objective for LAB Group to help solve industry challenges around UBO and OCDD. Further to this, Kyckr is highly competitive in Australia, which provides us with opportunities for profitable growth in our home market."