Library picture: Raoul Mulheims, CEO of Finologee, is seen speaking at a conference in April 2019. Photo credit: Matic Zorman
Luxembourg-based fintech startup Finologee has signed up Keytrade Bank Luxembourg as the first customer of its white-label “know your customer” service.
The service provides an automated process for opening new accounts, including digital management of the required documentation and validating client ID.
Finologee said in a press release on 20 November that it was the “first automated bank account opening process in Luxembourg” and that:
“With this new platform, customers can enjoy a frictionless, prompt and paperless account opening experience, reducing the time it takes to open an account to less than 10 minutes from both desktop computers and mobile devices.”
Raoul Mulheims, CEO of Finologee, stated in the announcement that:
“Unlike existing solutions, Finologee’s KYC process does not entail system-side requirements on the customer’s part”
Keytrade Bank said it “serves more than 200,000 clients in Belgium, Luxembourg and Switzerland.” It is a subsidiary of the Crédit Mutuel Arkéa Group.
Finologee was founded in 2017. The startup received permission to offer its outsourced regulatory compliance services to financial firms from the CSSF, Luxembourg’s financial watchdog, in January.