Financial Services,Case studies01 December 2021
Stake
Addressfinder supports Stake’s growth with reliable address verification services.
TLDR
- Stake’s Know Your Customer checks require trustworthy, real-time address verification.
- Addressfinder implemented to ensure valid data for KYC checks.
- A scalable API that can handle Stake’s rapid growth was also key in the decision.
- Accurate, easy and reliable customer engagement.
Background
Stake is a digital brokerage service that gives its customers direct real-time access to the US stock market. Well established in Australia, Stake is now available in the UK and NZ.
The Challenge
Stake does Know Your Customer checks to meet the requirements of operating as a financial service. Customers need to provide information that allows due diligence to be done. Part of this information includes their street address. Stake needed a trustworthy and cost-effective address verification service.
"It’s really important for us to have a valid address for each customer."
Dan Silver - Co-founder and Chief Operating Officer at Stake
The Solution
Before
- Difficulty completing due diligence checks
- Need for accurate and reliable address information
- Search for an API which can handle heavy loads
After
- Access to verified addresses
- An API that handles fast growth
- Great customer service
- Successful deliveries
The Result
Stake’s technical crew reviewed all the providers in Australia and chose Addressfinder’s address validation service. Addressfinder’s verified addresses are not only used for Stake’s Know Your Customer checks, but also as a tool for them to engage with their customers. They recently sent out branded merchandise to their customers’ street addresses to reward them for referring friends and family. With the help of Addressfinder, Stake ensured these deliveries were made successfully and to the intended recipient.
"Addressfinder’s been great, we’re using it more and more and it’s working really well."
Dan Silver - Co-founder and Chief Operating Officer at Stake