NewTech Friday: Vespia – Helping businesses stay compliant with regulations
Julia Ront, Founder and CEO of Vespia, tells Qorus’ Boris Plantier about the story behind her pioneering AI business verification (KYB) startup based in Estonia and its offerings.
Julia Ront, Founder and CEO of Vespia, tells Qorus’ Boris Plantier about the story behind her pioneering AI business verification (KYB) startup based in Estonia and its offerings.
What led to the creation of Vespia?
My journey with Vespia started at Veriff, where I was deeply immersed in KYC processes. Vespia was born out of a clear need within the fintech and regulatory technology (regtech) sector. Before Vespia, I saw that even with technological advancements, anti-money laundering (AML) compliance and business verification (KYB) processes remained cumbersome and outdated, heavily reliant on manual effort and prone to errors, often using tools like Excel. Recognizing this gap, my co-founder Anton and I used our AI and cybersecurity background to develop a solution. Launched amid the Covid-19 pandemic in 2021, Vespia was our answer to streamline and secure these processes, setting a new standard in AML compliance and KYB, and making these critical procedures accessible and efficient.
Could you present Vespia’s offer?
Vespia is an AI-driven AML/ KYB platform that helps businesses stay compliant with regulations. Our platform integrates several tools into one seamless interface, making it easier for companies to perform thorough verifications and maintain compliance:
• Vespia dashboard: This user-friendly dashboard allows clients to conduct instant KYB checks, much like a search engine, by entering a company’s name to receive a detailed report from over 5,000 global data sources.
• Julia AI compliance assistant: This tool uses AI to analyze data, identify potential risks and offer actionable compliance advice, helping clients navigate complex data and make informed decisions.
• Onboarding and monitoring: We automate data collection and risk analysis, streamline customer onboarding, and continuously monitor unusual activities to maintain compliance.
What's coming next for Vespia?
Looking ahead, Vespia is committed to continuous innovation and expansion. We plan to enhance our AI capabilities to provide even more precise analytics. Our focus includes advancing machine learning and exploring natural language processing to improve our data handling and interpretation.
Geographical expansion is also a priority. We aim to extend our reach to support fintech companies and financial institutions in emerging markets like Africa, Asia and South America. These regions present unique challenges and opportunities for financial inclusion and growth. Additionally, we are in the final stages of closing our seed round.
Digital Reinvention community
With Qorus memberships, you gain access to exclusive innovation best practices and tailored matchmaking opportunities with executives who share your challenges.