Standard Chartered backs Hong Kong eKYC firm’s multimillion-dollar round

Standard Chartered, through its VC arm SC Ventures, has invested an undisclosed amount in Hong Kong-based digital identity platform Chekk. The funding round, which saw participation from HSBC and deep tech VC firm SOSV, was worth multimillions in dollars, according to Standard Chartered.

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Founded in 2013 by Pascal Nizri and Benjamin Petit, Chekk provides a SaaS-based solution for eKYC, know-your-business, anti-money laundering, and data portability. Its system integrates into clients’ websites and mobile apps, as well as via application programming interfaces and software development kits.

The firm claims it can help businesses connect to its data source, which spans 400 million entities across 200 countries worldwide. It currently serves customers in Europe, Asia, and the Middle East across various industries such as banking, asset management, and fintech.

Before the round, the company was already a service provider for SC Ventures and Standard Chartered.

The fresh capital will help Chekk accelerate its product development and boost sales to meet the growing demand of the market.

According to Standard Chartered, the global identity verification market was valued at US$8 billion in 2020. It is projected to hit US$17 billion by 2026 at a compound annual growth rate of 13.29%.

See also: Meet the 10 top-funded startups and tech companies in Hong Kong