Baselayer raises $6.5m seed round to redefine business risk with AI risk engine
Summary
Founded by Jonathan Awad and Timothy Hyde, Baselayer boasts an experienced team of compliance and machine learning experts. With the advancement of fraud tactics costing global banks $500bn in 2023, Baselayer aims to simplify the Know Your Business (KYB) review process, which traditionally involves lengthy manual verifications that can take days or even weeks.Jonathan Awad, CEO and Co-Founder of Baselayer, stated, For a new or small business, waiting days or weeks to have access to a bank account can be devastating. We saw this problem firsthand, so we built our own solution that provides all banks, lenders, and payments companies on our platform access to fraud sharing on businesses that does not exist anywhere else in the market. This underscores the importance of banks and providers being able to quickly and accurately assess and verify the identities and risks of small businesses at scale. While there have been tremendous innovations in consumer verifications, there has not been a comparable solution in the market to secure and simplify the KYB process, which Baselayer is now uniquely providing.Keep up with all the latest FinTech news here