Kyckr signs multi-year agreement with Bloomberg

Kyckr Ltd (ASX:KYK) has signed a multi-year agreement with Bloomberg to provide its service to customers of various Bloomberg products.

Kyckr is a regulatory technology (regtech) business providing Know Your Client (KYC) technology solutions to help protect against money laundering, fraud and tax evasion.

The company’s database is connected to 186 official state and national business registries, across 128 countries.

As part of its agreement with Bloomberg, Kyckr will provide access to its business registry data for customers of various Bloomberg products, including the Bloomberg KYC Entity Exchange Service.

The agreement is for an initial three years with an option for renewal.

Importantly, the agreement with a global blue chip client such as Bloomberg provides a great level of validation for Kyckr’s service offering.

Last month, Kyckr signed a binding agreement with The Mizen Group LLC to distribute Kyckr’s products and services to Mizen’s U.S. focused clients.

The new agreement provides Kyckr with an entry into the large U.S. market, particularly providing direct access into New York, one of the most valuable regulatory districts in the U.S.

The annual spending by financial institutions on compliance is estimated to be in excess of US$70 billion, providing a significant opportunity for Kyckr.

Kyckr’s shares closed 5% higher on Tuesday, at A$0.21.

Story by ProactiveInvestors