Read the original Launch YC article here
Accend accelerates manual reviews and automatically generates regulatory reports for Ops & Compliance teams.
B2B Fintechs and BaaS providers utilize Accend to save hours per manual process, such as KYB applications, Disputes, Transaction Monitoring, etc.
If you work in Ops & Compliance at fintechs, we’d love to chat with you. Please reach out at founders@withaccend.com
.png)
When we led Product & Engineering on Risk at Brex, we collaborated with Ops & Compliance teams on a daily basis. For Ops, one of the biggest pain points was declining Ops efficiency + quality of output. For Compliance, it was maintaining healthy relationships with banking partners and regulators. The reasons behind that were:
This posed
We realized Brex wasn’t the only fintech dealing with such risks tied to manual reviews, and we started Accend to tackle these challenges head-on.
Our first use case is accelerating KYB manual reviews. It includes the following features:
Guided Review Workflow: Accend simplifies the KYC procedure by converting the Standard Operating Procedure into a user-friendly, step-by-step guided review process for both internal and external Operations professionals.
Streamlined Online Research: Instead of juggling numerous browser tabs to validate information about the business and its beneficial owners/controllers, Accend consolidates data through comprehensive web searches, presenting a summary for validation by Ops professionals.
Automated Due Diligence Reports: Traditionally, crafting a CDD/EDD report can take up to 2 hours. Accend automates this process, generating high-quality narrative reports in the company's required template, thus saving valuable Operations time on a daily basis.
Audit Logs: Accend establishes an audit trail for actions taken by Operations professionals and the automated processes during KYC manual reviews. This eliminates the need to scour various sources, extract logs, and document them, streamlining the auditing process
With Accend, Fintechs can
Pranjal Daga was most recently the Product Manager on the Risk team at Brex where he reduced fraud losses by $20M and worked on disputes, declines, login friction, etc. Before that, he dropped out of his PhD in AI/ML at Purdue University to help set up Cisco Innovation Labs where he grew the team from 1 to 35 in 4 years.
Yutong Pei was most recently the Engineering Manager on the Fraud Risk team at Brex where he built the Disputes service, and worked on fraud controls by managing engineers and data scientists. Previously, he has led Fraud Engineering and Security for IoTeX, Uber, and Amazon.
Joseph Zhou was most recently the CFO of a mobile gaming startup based in Singapore with a 50M ARR. He established the company’s licensed poker operation in Europe and scaled the team from 0 to 80 members, while also managing KYC, AML, compliance, responsible gaming, and fraud prevention.
.svg){kind=spacer}
How Decentro transformed its KYB process with Accend’s industry-leading AI
"Accend’s industry-leading SaaS for business evaluation and industry risk verification has helped automate our merchant onboarding process. Their innovative product has significantly enhanced efficiency, greatly improving the onboarding experience for our payment aggregation/collection customers. Accend’s team is also very responsive and quick with iterations, which is a huge plus"
Leveling up TransFi’s global onboarding process with seamless business nature and industry risk verification
“Accend has allowed my team to approve onboarding applications much faster without going through tedious online searches. We serve customers globally, and it was previously a major challenge to navigate websites across various languages and jurisdictions. Thanks to Accend AI, our compliance team is not only more efficient but also noticeably more satisfied. We are also very happy with Accend's dedicated support and services.”c
How Pleo frees its operation team from repetitive manual research with Accend’s industry risk product
"We are thrilled to collaborate with Accend on this pioneering initiative to develop our AI-enabled KYC system. As Pleo continues to grow rapidly, our goal is to onboard more customers without adding operations headcount. With Accend's automated business nature and industry risk verification, we aim to free our analysts from repetitive manual research, enabling them to focus on quality assurance. We look forward to exploring many more innovative features together, further elevating our onboarding capabilities."
Driving team efficiency, reducing over 80% of manual effort, and enhancing customer experience with Slope
"With Accend, we were able to not only find significant time savings with over 80% reduction in manual effort required, but also provide a superior experience to our customers."
.jpg)
