Bank’s tracking woes give minnow free Kyckr Sean Smith Tuesday,...

Bank’s tracking woes give minnow free Kyckr

Sean Smith
Tuesday, 8 August 2017 12:34PM

Kyckr’s chairman is new HBF chief executive John Van Der WielenPicture: WA News
Commonwealth Bank’s latest failure is a ready-made marketing opportunity for a Perth-chaired FinTech minnow.
Listed last year, Kyckr connects 180 business registries in 90 countries via an online platform that enables banks and other companies to source up-to-date information about their customers.
It helps users meet their obligations under increasingly tough so-called “know your customer” rules aimed at combating money laundering and financing of terrorism.
Kyckr’s chairman is new HBF chief executive John Van Der Wielen, who hooked up with the Irish-founded outfit after its $8 million Australian float.
Just last month Kyckr added global information services giant Bloomberg to a small but growing list of contracted customers that already includes Bank of Ireland and Citibank.
The company is still building its profile in Australia, but Mr Van Der Wielen notes that “to get a Citibank or a Bank of Ireland IT department to endorse your technology is an achievement in itself”.
“But ultimately, talk is cheap, you have to deliver the revenue,” he said.
Having hit a high of 30¢ after its float, shares in Kyckr closed at 17.5¢ yesterday to value the company at $17.7 million.