JKR Investment Group will provide financial backing to KYCAid in an agreement that strengthens the investor’s regulatory technology portfolio.
KYCAid will join companies such as BETER, BETEGY and Cargofy as partners of JKR Investment Group.
This investment, the company explained, will help scale the company’s global operations into new markets and industries – with Canada, Europe, Latin America and the US all highlighted as key regions.
Mykola Mashkovsky, CEO of KYCAid, said: “The RegTech industry will triple in size by the decade’s end, and KYCAid is well-positioned to outperform the market. Thus, the partnership with JKR will fuel KYCAid’s power marketing and development in a rapidly developing industry.
“Our marketing activities will target entering new markets, while development will be focused on enhancing in-house AI technology. We set big goals and now have more tools to achieve them. We are very grateful to JKR Investment Group for that.”
Investment will also enable KYCAid to focus more on the development of artificial intelligence algorithms for document and facial recognition.
Upon announcement of the partnership, JKR Investment Group explained that the RegTech space is a “humongous” industry that presents numerous opportunities for growth.
Alexander Gusev, CEO of JKR Investment Group, added: “Know-your-client products have always been in high demand in regulated industries, also, it is wide-spreading to other industries very fast.
“The need for KYC and AML products increases in our day-to-day life and becomes a necessary part of many online products, which gives trust to products and protection to clients. Transactions have become so casual that they now require thorough AI support.
“For JKR, it is the investment into a humongous and inevitable market that we feel we have to be a part of.”