HooYu to provide verification services for UK challenger bank Countingup
“It was important to us to design the account opening process to make it as easy as possible to open an account in less than five minutes,” says Countingup CEO, Tim Fouracre. “HooYu helps us not just to comply with money laundering regulations and to prevent fraud but also helps us to curate a great digital journey that makes for easy and convenient account opening.”
Marketing director for HooYu, David Pope, describes Countingup as “a truly differentiated offering from a challenger bank”. He credits the institution for “offering more than just a bank account but the tools to help their customers manage and grow their business”.
Countingup provides combining banking and accounting services for UK entrepreneurs, as well as providing assistance with VAT returns, P&L reporting, invoicing, and book-keeping.
Customers who open a current account with Countingup, which plans to launch in early 2018, will get a sort code and account number, as well as a contactless Mastercard. Countingup announced a fundraising of $750,000 in October in a round led by Frontline Ventures.
HooYu says it won over Countingup based on the wide variety of identity confirmation solutions the firm provides. These include identity database checks and ID document validation as well as facial biometrics and digital footprint analysis. HooYu’s platform will also help Countingup meet anti-money laundering (AML) requirements.
In October, HooYu partnered with Cars-as-a-Service provider easyCar Club, providing identity verification for the 100,000 member car hire marketplace. In August, the company teamed up with online money transfer platform, BCRemit, to help the UK-based firm improve onboarding and reduce fraud.