Plug and Play is excited to announce its recent investment in Vespia, a cutting-edge AI-powered KYB solution that enables businesses to search for complete business data with minimal input and request any additional details from the inspected entity. The company's vision is to create a reliable standard for digital operations.
Vespia's advanced AI solution is designed to assist fast-growing businesses in fields like FinTech, crypto, sharing economy, and eCommerce with their regulatory compliance needs. This solution helps companies to comply with Anti-Money Laundering regulations while verifying and onboarding their business partners. With Vespia, businesses can rest assured that their operations align with regulatory requirements while maintaining the highest integrity and trust between themselves and their partners.
Meet the team behind Vespia
Julia has been a RegTech evangelist since 2016. As the second team member of the Estonian KYC unicorn Veriff, she saw early on how easy and fast verification affects the customer experience. Julia holds a Master's degree in Analysis and Design of Informations Systems from TalTech and is an active thought leader in the female founder community.
Anton has a Ph.D. in Cloud Computing, Cyber Security, and Robotics from TalTech. He has also developed multiple security and e-government solutions for the Estonian government and the EU Commission. Anton started his first company at age 21, becoming the founder and CTO of 3DPrinterOS, a 3D Printing company, and Agrello, an e-signature solution.
Julia and Anton make the perfect team, combining knowledge in the industry, tech savviness, and the ability to achieve results.
Why is this problem worth tackling?
Financial crimes, such as money laundering, can cause immense damage to the organizational structure of a business while hindering the local, national, or even global economy. Therefore, companies must comply with regulatory requirements and implement adequate Know Your Business (KYB) and Anti-Money Laundering (AML) procedures to prevent such crimes.
Vespia offers a comprehensive KYB/AML solution that collects data, analyzes risks, and monitors business relationships in real time to ensure businesses remain secure and regulatory requirements are met. With Vespia, companies can focus on the big picture and build a trusting culture between themselves and their customers, partners, and government regulators.
Vespia's solution lets companies onboard their business customer from around the globe 90% faster with minimal data input. The platform combines everything you need to stay fully AML compliant 24x7. Vespia has access to 5000 business databases and provides AI-driven compliance officer risk assessment. By utilizing Vespia's solution, companies can focus on their core operations and rest knowing that all necessary data is collected, analyzed, and monitored in real-time to minimize potential financial and reputational risks.
Every business must protect itself and its stakeholders from the harmful effects of financial crimes that can compromise the company's integrity, and Vespia's platform is a necessary tool in that fight.
Why we're excited to invest
In an increasingly interconnected and digitized world, financial crimes, such as money laundering, can significantly threaten businesses' integrity, reputation, and the broader economy. Here is where Vespia's AI-powered business verification solution comes in. By providing a comprehensive solution that collects data, analyzes risks, and monitors business relationships in real time, businesses can remain secure and compliant with regulatory requirements.
Investing in Vespia can help companies save time and resources. Traditional verification methods involve time-consuming manual checks that can be costly and prone to errors. By implementing the company's KYB solution, we can safeguard ourselves and our stakeholders from the damage of financial crimes while complying with regulatory requirements and improving operational efficiency. Investing in Vespia is a smart move for any business that values trust, compliance, and security.