Chekk accesses data from a variety of sources such as government corporate registries and anti-money laundering lists. Credit: SC Ventures/Chekk.

Standard Chartered has made an undisclosed investment in Hong Kong-based fintech firm Chekk to tap into the identity verification market.

Chekk is a software-as-a-service (SaaS) platform offering know your customer (KYC) and data management solutions.

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The lender joins Chekk’s multi-million-dollar funding round, which was led by HSBC Group’s, HSBC Alternatives and saw participation from venture capital firm SOSV.

Standard Chartered said the investment is aimed at driving Chekk’s product development and increasing its sales organisation to meet the rising demand of the global identity verification market.

The lender noted that the identity verification market for individuals and corporates was worth $8bn in 2020 and it is expected to reach $17bn by 2026.

SC Ventures head Alex Manson said: “Chekk is already an established partner for SC Ventures, as our go-to KYC/KYB provider for a number of ventures we have incubated. While several companies claim to optimize customer onboarding in banking, none comes close to Chekk, with real-time data collection delivering a digital advantage across multiple stakeholders.

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“We are thrilled to partner with this great team, including with our most recent investment, to be addressing a real gap in our industry.”

The platform accesses data from a variety of sources such as government corporate registries, commercial data partners and anti-money laundering lists.

This data is then fed into Chekk’s system, which is said to allow its clients like financial services providers to manage relationships with businesses and individual clients.

Chekk co-founder and CEO Pascal Nizri said: “Chekk has a unique proposition, taking KYB and KYC to another level of capabilities and customer experience, which resonates very well with various parts of Standard Chartered Bank and its partners.”

“Beyond already being our client, we are delighted to welcome Standard Chartered Bank as investors, to support the expansion of our product suite, teams and client base globally.”

Earlier this year, the bank’s fintech investment and ventures arm partnered with Japanese lender SBI Holdings.