African Startup Smartcomply Expands to the UK

Nigerian compliance and cybersecurity startup Smartcomply is taking its compliance platform to the UK. There, the company wants to work with fintechs and payment businesses operating between Africa and Europe. It is launching Adhere, a platform that combines anti-money laundering (AML), Know Your Customer (KYC) checks and fraud detection. initially, its target customers include Electronic Money Institutions (EMIs), remittance providers, neobanks and cross-border payment companies.

Built Around African Markets

What makes Adhere different is where it was built to work. While many compliance platforms focus on Europe or North America, Smartcomply says Adhere was developed around African financial systems and datasets.As a result, payment companies get a platform that reflects local regulations and transaction patterns. For now, the UK rollout will focus on payment corridors linking the country with Nigeria, Kenya, Ghana, South Africa and Rwanda. These routes, in turn handle a large share of remittances and cross-border payments involving African fintechs.

Responding to Changing Regulations

The expansion comes as regulators across Africa tighten anti-money laundering rules. At the same time, financial institutions face greater pressure to verify customers, monitor transactions and report suspicious activity. Because of this, fintechs operating in several countries are spending more time meeting compliance requirements. Meanwhile, the UK is home to many fintechs serving African customers. That is why it makes sense for Smartcomply to offer compliance tools built with African markets in mind.