Muniy, a digital banking start-up with an impressive “The New Bank for the New Reality” tagline, has decided to partner with RegTech HooYu to fulfill the know your customer (KYC) capabilities post its UK launch.
What will HooYu do?
HooYu, an identity provider that is also a part of the UK search engine 192.com, partnered with Equifax last month and is all set to deliver ID document validation, sanctions screening, facial biometric checks along with PEPs (politically exposed person).
Basically, these validations and checks are a part of the customer onboarding process for Muniy, and HooYu will be responsible for ensuring that Muniy meets these regulations as per the UK’s anti-money laundering protocols.
More about Muniy
Just like several other start-up fintech players out in the banking world, Muniy plans to dip its toes in the industry by partnering with an undisclosed bank.
On the business and expansion front, Muniy is currently in the process of raising GBP 200,000 on the crowdfunding platform offered by Crowdcube. At the time of writing, the company commendably raised an impressive GBP 143,220. The company explains the spending patterns and states that the investment will primarily be directed toward the UK and EU businesses, followed by the launch of its underlying financial services to be introduced to the company’s key markets in the Middle East.
Additionally, the fintech expresses its goal of overtaking several neobanks. The company mentions that it has “focused on improving the user experience for familiar banking functions.”
More on the future
On the Crowdcube page, the company states, “This is not the only place where people use money — in fact, it’s just the start. By extending into other areas, starting with a retail experience, Muniy aims to offer better, more personalized banking, for everyone.”
How is Muniy planning to make a difference
The fintech start-up plans to connect users anonymously to merchants when they pay, and at the same time, the company plans to offer merchants a lower transaction processing cost. Muniy mentions that this is a cost that globally accounts for more than GBP 30 billion.
The game plan
As a fintech start-up, Muniy has plans to make it big, and the company believes that slashing merchant costs by up to 50% can help accelerate adoption and eventually looks forward to building personalized reward schemes with brands for customers.
Involved in offering free and paid business accounts in the range of GBP 5–50 per month, it provides additional features such as QR payments, real-time transaction notifications, instant peer-to-peer (P2P) money transfers, and contactless cards.
The expert take
Muniy Co-founder and CEO Jeremy Suarez says, “We want to increase not just the ease of access but also the ease of interaction for financial services.”