Swiss challenger CrescoFin gears up for digital banking with Veriff deal
CrescoFin, a Geneva-based start-up that provides matched funding and insurance services based on blockchain technology, has signed for ID verification technology from Veriff.
CrescoFin plans to launch a “full suite of digital banking solutions” around its savings product, which is where the deal with Veriff comes in.
Veriff’s “artificial intelligence (AI)-driven software” will check new users’ identity and meet know your customer (KYC) and anti-money laundering (AML) requirements, while also preventing identity fraud attempts. The firm says its identification software goes “one step further” with video-first technology that verifies people online and “greatly reduces” risk.
Founded in 2019, CrescoFin says it aims to be a “compelling alternative” to banks, without becoming one itself.
It focuses on institutions and individual savers who want returns, but also an ability to withdraw funds at short notice.
Its core product – CrescoFin Insured Asset Purchase (CINAP) – offers insured returns of 3%, and redemption with 30 days’ notice.
CresoFin’s co-founders are Dereck Mayne and Robert Sharratt. Mayne is founder of the Cresco family of capital markets companies to which the new company belongs. Sharratt has worked in investment banking at Hambros, HSBC, and Lehman Brothers.