Crowdfunding Investment Platform Onboards Users Quickly and Securely
FrontFundr’s mission to transform private capital markets and unlock greater investment opportunities for Canadians required a secure, compliant, low-friction onboarding experience for investors.
FrontFundr, based in Vancouver, British Columbia, understood that to democratize access to private markets, it had to remove unnecessary steps and lower the hurdles that often keep the general public from investing in early stage and growth companies. But, according to the Financial Transactions and Reports Analysis Centre of Canada, regulated entities must meet Know Your Customer (KYC) and Anti- Money Laundering (AML) requirements.
In meeting its regulatory obligations, FrontFundr needed to verify the identity of individuals and corporate investors. At the same time, the company didn’t want identity verification to slow down onboarding by introducing unnecessary friction.
The operations team at FrontFundr wanted to ensure the company’s online investing experience lasted no more than 12 minutes. To achieve that, it needed an identity verification system to reduce onboarding time.
Before learning about Trulioo, FrontFundr relied on a credit bureau’s identity verification system. The system, however, proved to be sluggish and error-prone. Bogged down by mistakes and delays, the FrontFundr team had to contact users directly over the phone.
That was when FrontFundr chose to integrate with Trulioo and its suite of verification services.
“Once we started using Trulioo, our identity verification time reduced from five minutes to one minute for successful verifications,” said a FrontFundr director of operations.
FrontFundr has thousands of users on its platform and prioritizes coverage. The company trusts Trulioo to provide comprehensive coverage to ensure identity and business verification at scale.
High Match Rates
Trulioo enables its clients to verify identities at higher match rates and continually seeks ways to improve those rates while maintaining compliance with regulations.
Fast Verification and Easy Audits
The ease of Trulioo identity verification enables FrontFundr to provide a smooth onboarding experience for investors. Trulioo ensures FrontFundr quick response times and in-depth analytical reports for fast and easy company audits.
Using Trulioo, our identity verification time reduced from five minutes to one minute for successful verifications.
A Proactive and Engaged Support Team
The Trulioo support teams’ continued contact with FrontFundr has been a building block for a long- lasting relationship.
“The customer support that we receive now is great,” a FrontFundr director of operations said. “We have been impressed with the knowledge and expertise that the support reps have provided. We also like that the tech representatives are readily available to answer the more technical questions we have and even work directly with our development team to resolve any issues.”
Traditionally, only venture capitalists, angel investors or high-net-worth individuals invest in early stage companies on the precipice of growth. FrontFundr, a Canadian investment crowdfunding platform, unlocks access to private capital markets, allowing Canadians to become early stage investors in private companies.
In doing so, FrontFundr also exposes early stage startups to a larger number of investors, increasing their likelihood of raising more capital and helping them strike lasting relationships with individual investors who want to support a company’s mission