Digital business bank Grasshopper partners Greenlite for AI-powered due diligence tech
Grasshopper, a digital commercial bank based in New York City, USA, has tapped onboarding automation platform Greenlite to enhance its customer due diligence (CDD) programme.
Digital bank Grasshopper partners Greenlite
The bank will adopt its new partner’s due diligence suite as a means to bolster its compliance team’s risk decisioning ability when onboarding new clients.
Grasshopper claims to have onboarded “thousands” of small and midsize business (SMB) and start-up clients over the course of the last year.
Greenlite’s technology will enable the bank to utilise generative AI (GenAI) to streamline manual data aggregation, document reviews and client risk assessments, and will further support its provision of tailored banking solutions for SMBs, venture-backed companies and fintech-focused Banking-as-a-Service (BaaS) and commercial API banking platforms, among others.
Operational since 2019, Grasshopper currently claims approximately $733 million in total assets.
Chris Mastrangelo, chief compliance officer at Grasshopper, says the integration will “enhance our team’s ability to identify and mitigate risks that are inherent to the digital world” and “significantly bolster our capabilities in discerning client risk, offering our team accurate and comprehensive compliance insights”.
Greenlite is based in San Francisco and closed a $4.8 million seed round from backers including Greylock Partners, Y Combinator and General Catalyst in November. The company says its tech “augments risk and compliance teams with intelligent AI workflows across account opening, customer due diligence and anti-money laundering operations”.
