A due diligence platform automating enterprise identity verification has secured £750,000 investment from Innovate UK and angel investors.
Umazi, which is based in London, has also announced high-profile partnerships with Artesian:DueDil and ComplyAdvantage to simplify their due diligence systems.
The RegTech startup’s ambition is to set the global standard for cross-industry digital identity and compliance.
Recent research from Thompson Reuters shows 60% of companies view compliance as a barrier to entering new markets, with some banks admitting it can cost up to $3,000 and 140 days to complete due to diligence checks on a high-risk client.
This then needs to be refreshed periodically across different scenarios including supply chain, funding and sustainability.
Addressing the problem, Umazi’s distributed ledger technology drastically reduces the complexity of the compliance process by creating secure digital identities featuring due diligence credentials. These are then verified and validated by regulated entities and housed on an open-source permissioned blockchain platform – allowing for a real-time and transparent audit process, enabling financial institutions to manage their client data more effectively.
Umazi is currently in Founders Factory’s accelerator programme where it has been collaborating with Aviva on potential opportunities to automate and streamline onboarding of suppliers for enterprise businesses. The startup is also developing its proposition to overcome costly, onerous and duplicative compliance processes.
“It’s astonishing that enterprise due diligence is still such a costly, time-consuming exercise that is repeated over and over again,” said founder and CEO Cindy van Niekerk.
“It is clear due diligence is ripe for tech disruption and we are the first and only tech platform to take on the challenge. With new funds in the bank and global partnerships in place, we’re already demonstrating how Umazi brings fuss-free digital due-diligence.”
Ben Luckett, chief innovation officer at Aviva plc, added: “Umazi have helped us better understand the potential we have to automate and streamline our onboarding of suppliers.
“Both at Aviva and across the industry there is an increasing focus on how we make these processes easier, and we are confident that Umazi are well placed to solve this challenge.”