What a journey! This is the impression after three days spent at Money20/20. Money20/20 is not only the largest global fintech event where payment and financial industries are connected to commerce, but a fascinating event that gave Risk & Compliance Platform Europe the opportunity to meet innovative top managers and professionals from all over the world. We recently had the pleasure of conducting one of our most insightful interviews together with the CEO of Trulioo, Steve Munford. Trulioo is a Canadian-based company that provides electronic identity and address verification of both individuals and businesses.
Good morning from the Risk & Compliance Platform Europe. We are at the Money20/20 event in Amsterdam where we have the wonderful opportunity of speaking with Mr. Steve Munford who is the CEO of Trulioo. We would like to thank you, Steve, for your time and for being here. Can you please start off by explaining what Trulioo is?
Steve Munford: “So, we are an identity company and specifically we help organisations with onboarding of new customers or new businesses onto their platform. So, we perform the KYC or AML checks as people come on to a new platform digitally and really, we focused on helping maybe neo banks or large payment providers, marketplaces, cryptocurrency exchanges, as they try to globally onboard customers.”
So Money20/20 really is the place to be in order to meet new potential customers but, I suppose for your customers as well that are coming here to visit.
Steve Munford: “It’s actually a great conference. I think Money20/20 Europe is a really good meeting place for all sorts of fintechs in Europe. We have many customers that are represented here and it’s a great chance to meet those customers and also find new partners and new customers.”
Can you tell us a bit more about your developing plans, because I know that you just acquired HelloFlow. What does it mean for Trulioo’s business development?
Steve Munford: “HelloFlow was an acquisition we made back in the spring; it’s an orchestration layer. So, if you think about the onboarding process for a customer digitally, it’ll go through many steps and what HelloFlow gives us is a complete orchestration layer that helps us from onboarding a customer to maintaining compliance of that customer to eventually off-boarding that customer. So it takes all the different services we provide today and puts it into one end-to-end compliance platform, which is super exciting.”
When it comes to trends that you see in the business, what are the most challenging aspects of this that Trulioo will be focusing on?
Steve Munford: “We continue to see this explosion of alternative financial platforms. It could be a payments platform, it could be new ways of accessing cryptocurrencies, or it could be new marketplaces. The challenges that we see for these companies is, there’s increasingly regulations that apply to them and all these customers want to go global. So, you get this combination of a desire to expand globally. We have these new disruptive platforms that are increasingly subject to regulations where we want to see how they comply with all these different regulations, how do they create a seamless onboarding process for their customers and how do they do it globally. It’s a real challenge.”
Just a final question to you: Do you have plans to have a stronger market position, or do you already have a strong position in Italy? And what are your thoughts on the Italian and Dutch people that are listening to us today?
Steve Munford: “One of our strongest markets overall is Europe, and of course Italy is a big part of Europe. The Dutch market is a big market for us as well. So, you know, as far as establishing a physical presence in either one of those markets, we have no direct plans as of yet to do so. However, we absolutely help various Italian companies or companies trying to access the Italian market, also similarly with the Dutch markets. It’s very much a part of our strategy to support these two markets.”
Thank you, Steve, for this talk.
Steve Munford: “Thank you so much and have a great conference.”
Ingrid Gacci is the Director of Risk & Compliance Platform Europe, Italy.