Condukt

About Condukt

Condukt is a business verification and data integration platform headquartered in London, United Kingdom. Founded in 2022 by former Revolut employees Paulo Guichard and Bhasker Rao, the company operates in the Business-to-Business (B2B) Software-as-a-Service (SaaS) market. Guichard previously served as head of operations and product owner at Revolut, while Rao was the head of acquiring risk.

The company's core service is a "Know Your Business" (KYB) tool designed to streamline customer onboarding. This platform automates the process of verifying a company's identity, ownership structure, and business activities, which is crucial for compliance with Anti-Money Laundering (AML) regulations. By offering a single integration point for all business data, Condukt aims to help its clients, which include businesses in the payments and lending sectors, to reduce costs, simplify onboarding processes, and increase customer conversion rates. The platform addresses the inefficiencies and risks associated with manual verification methods and third-party services. Condukt operates as a data controller, collecting information from public sources like Companies House to provide its verification services.

In April 2024, Condukt secured £2.5 million (approximately $3.18 million) in a pre-seed funding round. The round was backed by prominent venture capital firms including Lightspeed Venture Partners, Cocoa VC, Atomico, and Tiny VC. This funding supports the company's efforts to scale its technology and expand its market share in the growing digital KYB sector.