Kompliant, a startup delivering an “AI-driven” business onboarding and risk scoring platform, today announced that it raised $14 million in a seed round led by Level One Fund with contributions from former Visa president John Partridge and Current CEO Stuart Sopp. The funds will be put toward supporting Kompliant’s product development, CEO Edward Katzin told TechCrunch, as well as expanding the company’s customer base and hiring additional team members.
Kompliant has a curious history. Incubated by Snoop Dogg’s (yes, that Snoop Dogg) Casa Verde Capital, a venture firm focused exclusively on the cannabis industry, Kompliant initially set out to tackle the pain points surrounding payments in the marijuana trade. But it slowly evolved into a solution for financial institutions more broadly, according to Katzin.
Prior to co-founding Kompliant, Katzin was the head of global emerging products at Visa (hence the interest from Partridge) and the director of global retail payments at Apple. As for Kompliant’s second co-founder, Brad Wiskirchen, he was chairman of the board at the Federal Reserve Bank of San Francisco and a member of the interdepartmental working group on finance and technology at the International Monetary Fund.
“The pandemic was a huge tailwind for Kompliant, as it accelerated the adoption of electronic payments, online banking, and the use of digital onboarding and verification services by financial institutions,” Katzin said. “As a result, the addressable market for Kompliant’s services continues to rapidly expand.”