Kyckr Ltd (ASX:KYK) commenced trading today after a successful IPO raising circa $5 million through the issue of shares priced at $0.20.
Kyckr provides ‘Know Your Business’ (KYB) compliance services to clients in any sector that is open to fraud and money laundering, by providing corporate data in exchange for a subscription fee.
The company’s network of corporate data includes 70 million legal entities from 150 business registries around the world.
Kyckr is looking to benefit from the tightening of anti-money-laundering and counter-terrorism financing regulations across the world.
The company has also developed a corporate identity blockchain capability that will accompany Kyckr’s commercially proven automation model for KYB.
Blockchain technology, which incorporates unique identifiers for each financial transaction, is expected to enhance Kyckr’s service offering.
Kyckr had announced unaudited revenue of $1.2 million for FY2016, a 124% increase over FY2015 revenue of $542,735.
The global compliance market is estimated to be worth US$70 billion - US$80 billion.
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