Grasshopper and Greenlite Join Forces to Enhance Risk Decisioning

The client-centric digital bank, Grasshopper, is set to boost its risk decisioning expertise for its small and medium-sized businesses (SMBs) and startups clients, thanks to a new partnership with Greenlite. The leading generative AI platform for compliance teams, Greenlite, will provide its AI-enhanced due diligence suite to Grasshopper.

A Strategic Collaboration for Better Risk Management

Their combined effort aims to expand connections across the fintech sector while driving AI investments. Over the past year, Grasshopper has seen impressive growth, with thousands of new SMBs and startups joining its digital platform. This growth has been partly attributed to its strategic alliances with top-tier fintech companies.

Grasshopper aims to use Greenlite’s platform to scale its customer due diligence (CDD) program. This partnership will enhance the compliance team’s ability to monitor and mitigate client risk using advanced automation.

A New Era of Compliance Technology

Chris Mastrangelo, Chief Compliance Officer of Grasshopper, believes the partnership with Greenlite will significantly improve their capacity to discern client risk. Greenlite’s AI-based automation will provide the Grasshopper team with accurate and comprehensive compliance insights. This will enable them to scale more efficiently and better serve their client base, all within the framework of top-tier compliance technology.

Greenlite’s platform offers the capability to automate rigorous CDD with generative AI. It simplifies manual data aggregation, document reviews, and risk assessments, making it easier for financial institutions to onboard, review, and investigate business customers. Notably, Greenlite has recently secured $4.8M funding from top Silicon Valley investors, including Greylock, Y Combinator, and General Catalyst, and now supports customers across three continents.

Grasshopper Sets the Standard as an Innovative US Bank

Will Lawrence, Chief Executive Officer of Greenlite, expressed excitement about partnering with Grasshopper Bank to bolster their CDD program. As one of the most innovative US banks, Grasshopper’s integration of cutting-edge compliance AI is vital to providing superior client service while maintaining an exceptional compliance posture.