We began by looking for identity and compliance solutions for financial products we were creating. After contacting multiple vendors, we learned that they all approached identity verification the same way: sign non-disclosure agreements, schedule several calls, negotiate contracts, and only then do you learn that you need to hire another engineer to get your solution live in three months. We are the team that will modernize the identity data industry.
On the other hand, BlockScore aims to be more accessible by not charging upfront fees, making its documentation publicly available, having modern APIs, and a simple pricing plan. Morton says companies can sign up for the service and implement BlockScore in one day.
BlockScore said Thursday that it has secured $2 million in seed funding. The investors included Battery Ventures, Khosla Ventures, Lightspeed Venture Partners, New Atlantic Ventures, Boost VC and Y Combinator. The capital will be used for product development and sales expansion. BlockScore is a provider of ID verification and anti-fraud solutions for online businesses.
Meier told CoinDesk that the company's software had helped these community members better meet anti-money laundering (AML) and know your customer (KYC) compliance in the face of the then increasing regulatory attention on the industry.
When it came to verifying identities for anti-money laundering compliance while working on his project, it presented a challenge. He quickly discovered that solutions on the market were “a blast from the past. It seemed like it was all made in the 90s”.
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