FundPaaS, a startup funding platform as a service provider, has launched a FinTech industry first Investor Onboarding API. The API offers programmatic access to investor information such as ID verification, investor accreditation, anti-money laundering checks, and issuer bad actor due diligence. In addition to launching its own investor information API, the FundPaaS platform pulls from the most widely used APIs in the the crowdfunding industry. The combination of the two API strategies helps position FundPaaS as a single interface to connect investors and crowdfunding providers and users.
"By being a system integrator of choice, we seek to reduce our client's time to market as their one-stop shop to connect with the most frequently used APIs in crowdfunding," Amilcar Chavarria, FundPaaS co-founder and CEO, commented in a press release. "On the Investor Onboarding API, we apply the same concepts but with several data sources. We access and analyze public records including the IRS, credit bureaus, over 18,000 financial institutions, payroll services and 1,500 aggregated 'do not transact' lists such as the OFAC database, politically-exposed people (PEPs) and negative watchlists to name a few."
Since Title IV of the JOBS Act passed in 2013, the crowdfunding industry has experienced an explosion of growth that FundPaaS parallels to the "gold rush". FundPaaS uses the same analogy to explain its business model: "Gold Rush? Sell Picks & Shovels." The Onboarding API represents one of the tools that crowdfunding platforms can use to take advantage of the crowdfunding craze. Crowdfunding platforms continue to control their user experience with FundPaaS APIs working in the background to check and onboard investors.
Some methods of the Onboarding API include verify income, verify assets, and 3rd party verification. Check out the API docs for more details. FundPaaS presents itself as an API-first company. While it is live with its Investor Onboarding API, its API roadmap is extensive. Future API plans include international investor AML, mobile remote deposit, international investor ID verification, and account verification. Further, FundPaaS actively solicits ideas for new APIs from its client base and the broader developer and FinTech communities.