Case Study: Banxa achieves 90% document-free, 15-second crypto onboarding with Plaid

Streamlining fiat-tocrypto onramps with Banxa

Banxa, a leading global crypto onramp, faced high friction and duplicate KYC steps that reduced conversions and hurt user experience. To address this, Banxa partnered with Plaid and implemented Plaid Identity Verification — leveraging features like Autofill and the returning user experience — to streamline onboarding without sacrificing security.

Using Plaid, Banxa automated ID verification so roughly 9 out of 10 users avoid manual document checks and can onboard in as little as 15 seconds, driving a 30% uplift in KYC completions, up to 50% fewer drop-offs in some segments, and up to a 30% reduction in fraud alerts. Plaid’s integration (with an automatic document-verification fallback and clear developer docs) also reduced operational support needs while improving conversion and trust across Banxa’s partner ecosystem.

Banxa

Tom Chalmers

Chief Product Officer