Grasshopper and Cable Debut Financial Crime Prevention Testing Platform
Digital bank Grasshopper has partnered with Cable to equip its clients and Banking-as-a-Service (BaaS) platform with automation and technology for financial crime assurance, testing and oversight.
The bank will leverage the automated assurance and testing capabilities of Cable, an all-in-one financial crime effectiveness testing platform, the companies said in a Tuesday (July 25) press release.
“We’re excited to work with Cable as an industry-leading partner at the forefront of a growing wave to automate traditionally manual and fragmented assurance and oversight processes,” Grasshopper Chief Compliance Officer Chris Mastrangelo said in the release. “Cable will help us and our FinTech partners take advantage of the latest automation to gain superior visibility and comprehensive compliance insights, which will enable our clients to scale more efficiently and responsibly – backed by the leading advanced compliance technology.”
Cable gives partner banks more confidence in their financial crime regulatory compliance with its Partner Hub, according to the press release. This solution provides complete compliance infrastructure purpose-built for bank-FinTech relationships, including automated risk assessments, automated assurance, quality assurance, management information and reporting.
The firm recently raised an $11 million Series A and announced partnerships with several BaaS banks in the United States and the United Kingdom, the release said.
“We’re thrilled to team up with Grasshopper to bolster their compliance capabilities for their own clients and in their BaaS platform,” Cable CEO Natasha Vernier said in the release. “As one of the most innovative BaaS providers, Grasshopper demonstrates that integrating cutting-edge compliance infrastructure and automation is mission-critical to the success of the best BaaS companies in today’s banking landscape.”
The announcement of this partnership comes about a year after Grasshopper raised $30.4 million to support its growth across the business and innovation economies and provide the latest technology and digital banking solutions. The bank had raised $160 million at that time.
Grasshopper has invested in both the technology that provides security around money mobility and the team members with customer-centric values matching those of the organization’s leadership, Mastrangelo told PYMNTS in an interview posted in July 2022.
“I believe the industry as a whole can move toward a more instantaneous form of money movement that’s also frictionless and secure for the client — and that’s a big part of what we’re building here at Grasshopper,” Mastrangelo said at the time.
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