Grasshopper Bank harnesses AI to fortify risk assessment capabilities

SME Banking
18/02/2024 News

Grasshopper Bank, a leading digital bank catering to SMBs and startups, has partnered with Greenlite, a pioneer in AI-driven compliance solutions. The collaboration aims to enhance Grasshopper's risk assessment capabilities through Greenlite's AI-enhanced due diligence suite. This move comes as Grasshopper experiences significant growth, with a surge in new clients leveraging its digital platform.

By integrating Greenlite's platform, Grasshopper seeks to streamline its compliance operations and improve its ability to identify and mitigate risks inherent in the digital landscape. Chris Mastrangelo, Grasshopper's Chief Compliance Officer, emphasized the importance of Greenlite's AI-based automation in providing accurate compliance insights, enabling the bank to better serve its clients while maintaining robust compliance standards.

Greenlite's platform automates customer due diligence processes, allowing financial institutions to onboard and assess business customers more efficiently. With recent funding from top investors, Greenlite is recognized as a leader in compliance technology.

Will Lawrence, Greenlite's CEO, praised Grasshopper's commitment to innovation in compliance. The partnership reflects Grasshopper's dedication to leveraging advanced technology to deliver superior client service and uphold regulatory compliance standards.

This collaboration highlights the growing importance of technology in navigating regulatory complexities and fostering sustainable growth in the fintech ecosystem. As Grasshopper continues to expand its footprint in the digital banking space, partnerships like this will play a crucial role in driving its mission forward.

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