Case Study: Novo streamlines onboarding and improves KYB efficiency with Middesk

Novo automates 50%+ of KYB approvals with Middesk

Novo, a leading B2B fintech company, faced significant challenges with its Know Your Business (KYB) onboarding process. Their legacy vendor used outdated databases, which led to lower accuracy and conversion rates, creating a major bottleneck as the company scaled. To address this, Novo partnered with Middesk and implemented its Verify product for business identity data and automated verification.

By integrating Middesk Verify, which draws on direct data from Secretary of State databases, Novo dramatically improved its operations. Middesk's solution enabled them to process over 10,000 KYB applications per month, with more than 50% being auto-approved. This resulted in significantly improved conversion rates, reduced manual review costs, and allowed Novo to reallocate resources to focus on high-risk applications, supporting their overall business growth.

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