Case Study

Seamless, end-to-end KYB

The customer

As the market-leading all-in-one commerce platform for online businesses, Shopify has been innovating to make online sales easier for business owners since day one. With the launch of Shopify Capital in 2016, Shopify has provided over US$3.5bn in funding to merchants to help them grow their businesses. With thousands of merchants already benefiting from Shopify Capital’s offering in the US, UK and Canada, the next step was to bring this offering to the Australian market.

The challenge
  • Providing a seamless business onboarding flow
  • Entering new market with unique compliance requirements
  • Short timeframe to implement and go to market
  • Navigating the multiple layers of verification required for KYB

Shopify needed a seamless, end-to-end KYB solution to bring their new product to Australia without compromising the fast and reliable service they are known for.

“We're excited to bring Shopify Capital to Australia to help Aussie businesses accelerate growth, expand to new markets, and prepare for the peak sales season. FrankieOne's expertise in automated verification and onboarding helped create the best experience for thousands of Shopify merchants to quickly access the funds they need to grow."
Shaun Broughton
Managing Director, APAC, Shopify
The FrankieOne solution

With FrankieOne’s flexible, future-proof solution, Shopify benefits from:

  • A seamless business onboarding from with end-to-end verification
  • Single-click UBO reports
  • Quick implementation
  • Integrated solution for all verification required
  • Single integration and commercial arrangement for multiple vendors

Shopify selected the FrankieOne solution for verifying its merchants and their businesses because of its unique ability to provide seamless, end-to-end KYB verification. By using FrankieOne’s platform, Shopify benefited from our single commercial arrangement and single API to gain access to multiple vendors and data sources much faster than otherwise possible. In addition to verifying businesses (known as “Know your business” or “KYB”), Shopify also needed to verify the ultimate beneficial owners (“UBOs”) of each business. Through a nesting feature on our platform, the UBOs can be linked to the businesses verified, and KYC on those individuals can be performed automatically within the platform, reducing the complexity for operational teams who would otherwise need to manage multiple systems.