New neobank Muniy has partnered with RegTech firm HooYu to power Know Your Customer compliance as it launches in the UK.

HooYu was selected to deliver ID document validation, facial biometric checks and sanctions screening. These checks will be integrated into the customer onboarding process and are delivered in real-time to ensure compliance with Anti-Money Laundering requirements and speed up account opening.

Muniy is currently crowdfunding on Crowdcube. With 20 days to go it has raised almost £143,000 of its £200,000 goal from 158 investors, at a pre-money valuation of £2.7 million.

According to its prospectus, Muniy's payment system allows customers to connect anonymously with merchants, while allowing merchants to benefit from lower transaction processing costs and higher levels of customer loyalty.

It currently offers 'freemium' and paid accounts with core features including QR code payments, instant P2P money transfers, real-time transaction notifications and contactless cards.

Investment from the crowdfunding round will go towards a pilot in the UK and Europe, aiming to leverage a mature market to establish a foundation quickly, followed by introducing core financial services to key markets in the Middle East.

Jeremy Suarez, chief executive and co-founder at Muniy, commented: “We want to increase not just the ease of access but also the ease of interaction for financial services.

"At the same time, we need to guard against financial crime and ensure AML compliance. To do that we’ve teamed up with HooYu so we can verify identity documents from all over the world.”

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