Instant Background Checks for Businesses

TrueBiz helps financial service providers reduce manual review during business onboarding. We add color to the company's background with 250+ data points on the company from around the web (such as industry and address), and summarize key risk indicators. The process takes seconds – not days, so financial service providers can efficiently meet risk requirements and onboard new businesses faster.

Team Size:6
Location:New York
Group Partner:Tom Blomfield
Danny Hakimian
Danny Hakimian
Max Morlocke
Max Morlocke

Company Launches

What We Do

TrueBiz verifies business identity by combining the processing of company documents, together with searches in best-in-class data sources.

Who Has This Problem

Financial services companies onboarding business accounts often revert to manual review because existing data sources can not provide a complete picture of the business.

As a result, companies often rely on the business to provide supporting documentation — which is then manually reviewed. During the process they might review:

  • An Articles of Incorporation to verify business identity
  • A By Laws document to verify the shareholder structure
  • An invoice to validate the nature of the business

The back and forth to capture the correct documents can go on for weeks. This slows down onboarding and creates a frustrating customer experience.

How TrueBiz Solves KYB

TrueBiz validates the different documents required for each step of the verification process. This is combined with searches in best-in-class data sources. This range of tools enables our clients to convert more customers, with less effort.

For our clients, this results in:

  1. Speed up time to activation: we validate documents in seconds, preventing a slow back-and-forth to capture the correct paperwork. This shaves days off revenue realization.
  2. Reduce manual review: we help identify the ~10% of cases that actually need further attention. You can redeploy the majority of your human analysts’ time and skill elsewhere.
  3. Scale: we remove friction from the onboarding process, so you can grow faster.

Our process takes seconds – not days, so Financial Institutions can efficiently meet Know Your Business requirements and onboard new businesses faster.

Book a demo

If you’re a fintech looking to optimize your business onboarding process, schedule a demo here.