JKR Investment Group, an independent investor known as an investor in Study.UA, Cargofy, Betegy and venture builder of Beter, continues to expand its portfolio and back KYCAID, leading customer verification and compliance system provider.
The global RegTech market has been estimated to exceed $8B by the end of 2022, and growing double digits annually due to increasing regulatory pressure is expected to triple by 2029 (Source: Data Bridge Research “Identity Verification Market”, September 2022).
Founded in 2018, KYCAID serves customers using its proprietary tech solution and allowing them to be abreast with ever-increasing demands of compliance.
As regulated industries constantly face various difficulties with compliance and regulation, heavy penalties, frequent regulations updates, the high cost of running internal compliance departments and the need for additional development, KYCAID has become a partner of choice to companies irrespective of the size, region and industry.
“The RegTech industry will triple in size by the decade’s end, and KYCAID is well-positioned to outperform the market. Thus, the partnership with JKR will fuel KYCAID’s power marketing and development in a rapidly developing industry. Our marketing activities will target entering new markets, while development will be focused on enhancing in-house AI technology. We set big goals and now have more tools to achieve them. We are very grateful to JKR Investment Group for that.” – commented Mykola Mashkovsky, CEO of KYCAID.
The investment will be put towards scaling the company both geographically by entering new regions, namely the US, Canada, Europe, Latam, and across new industries.
“Know-your-client” products have always been in high demand in regulated industries, also, it is wide-spreading to other industries very fast. The need for KYC and AML products increases in our day-to-day life and becomes a necessary part of many online products, which gives trust to products and protection to clients. Transactions have become so casual that they now require thorough AI support. For JKR, it is the investment into a humongous and inevitable market that we feel we have to be a part of. – said Alexander Gusev, CEO of JKR Investment Group.
Currently, KYCAID’s development efforts focus on enhancing AI algorithms for document and face recognition.
