- Credit card company Yonder has tapped regtech company Cable to enhance its financial crime compliance.
- “Now we’re starting to scale our member base, we needed a solution that could ensure our regulatory compliance as we grow,” said Yonder Cofounder and Chief Risk Officer Theso Jivajirajah.
- Cable demoed its automated assurance technology at FinovateFall 2022 in New York.
Yonder was founded in 2021 as a lifestyle card for U.K. consumers. The card costs around $18 (£15) per month and has a generous rewards system that enables users to earn points they can redeem for restaurant purchases, offers travel insurance, and does not charge fees for cross-border transactions. The company will leverage Cable to enhance its financial crime compliance and oversight processes.
“Now we’re starting to scale our member base; we needed a solution that could ensure our regulatory compliance as we grow, without any major headcount increases.” said Yonder Cofounder and Chief Risk Officer Theso Jivajirajah. “Cable’s automated monitoring across our financial crime controls helps Yonder address any issues right away, meet our regulatory requirements, and focus on serving our members better.”
Cable will offer Yonder access to its automated financial crimes assurance that will test each user account for compliance with the Bank Secrecy Act and Anti-Money Laundering requirements. By automating the process, Cable will help Yonder save time by automating reports and reduce risk by notifying the company immediately in the case of a breach.
Founded in 2020, Cable has raised $5.3 million in a seed round led by CRV and LocalGlobe. Last fall, before landing Quaint Oak Bank as a new client, the company demoed its automated assurance technology at FinovateFall 2022.