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FinClusive Capital, Inc.

FinClusive Capital, Inc.

Comprehensive financial crimes compliance (FCC) services in one single workflow to enable financial inclusion

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Company Overview

FinClusive addresses financial inclusion by making mandated financial regulatory compliance simple and cost-effective for organizations (banks, nonbank financial institutions, small/med enterprises and nonprofits) and connecting them to regulated bank partners to provide their clients and communities access to financial accounts and make payments/transfers.

Targeted for un/underserved communities, our technology platform provides a comprehensive anti-money laundering and financial crimes compliance (AML/FCC) for organizations enabled via APIs and web-based user interface – this is Compliance as a Service (CaaS), an automated/full-stack financial crimes compliance solution designed for organizations providing financial services, from traditional banks to modern financial tech companies.

CaaS brings thousands of data/risk management tools to enable organizations of all types to conduct due diligence on individuals & businesses globally, monitor client activities and meet diverse regulatory compliance demands. CaaS is a gateway service to a growing US partner bank network, which enables these organizations to access insured accounts and the ability to safely store and move funds anywhere – for themselves and their clients/communities.

FinClusive’s platform is a secure and compliant gateway for the financially underserved and excluded, connecting traditional banking & alternative financial ecosystems, such as P2P mobile banking/financial networks and other digital payments service providers.

The plight of the excluded and underserved affects more than 35 million individuals and entities in the US and more than 3 billion people and millions of organizations and small businesses globally. These individuals and entities are denied access to the US/global financial system due to their high perceived compliance risk or challenges that make them ‘unbankable’ by traditional institutions (e.g. lack of a credit history, verifiable ID/track record, operate in an emerging/frontier market or high-risk jurisdiction, or in areas inaccessible to traditional banking). These individuals and organizations are increasingly turning to alternative financial channels (often unregulated, unsecure, non-transparent) or community and affinity organizations (charities/nonprofits, social service organizations) to facilitate their financial needs. These issues have exacerbated the plight of the underserved (low/mod income, minorities, small/med enterprises) in light of the pandemic and the ensuing economic downturn that will last for months/years. Working through these organizations, we can reach many individuals and entities that lack fundamental access to financial services, working capital and other basic financial products to survive.

The financially excluded / underserved includes, but not limited to:

• Veterans returning from service (homeless/challenged) who are often viewed as “high perceived risk” and thus unable to get a FDIC deposit account and must utilize alternative channels (some of which are predatory).

• Crowd funding/charity organizations perceived as being high risk that are unable to establish/maintain accounts and access to payment rails greatly limiting their ability to raise/distribute funds - this is impacting COVID-19 relief efforts, social justice initiatives, small business' access to financial resources.

• Community/social programs wanting to distribute assistance to constituents who may not have access to FDIC insured account and/or wanting to eliminate leakage/fraud - also impacting small/med enterprises.

• Fintechs providing alternative banking solutions to un/underserved and recognizing their obligation to adhere to financial crimes compliance regulations while providing new mobile/tech gateways – including cross-border payments and remittances – for financial access to build economic resilience.

Traction

  • Operations launched with Compliance-as-a-Service platform

    May, 2019
  • Revenue generation

    May, 2019
  • First bank signed as customer to begin providing KYC/onboarding compliance services

    June, 2019
  • Accounts and Payments services (via integration with banks of record) launched

    December, 2019
  • Stellar blockchain anchor and value transfer services launched

    June, 2020
  • Pipeline of customers engaged exceeds 120 entities

    July, 2020
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