As a platform approved and regulated by the Financial Conduct Authority, we need to confirm the identities of all directors and persons of significant control of your company, and their eligibility to raise finance on our platform.
To do this, we process Know Your Customer and credit checks with our third-party providers such as Creditsafe, Experian, and Onfido.
Know Your Customer checks are to confirm identities and credit checks are to confirm there aren't any outstanding CCJs or bankruptcies on any of the company directors and persons of significant control. Our compliance team will get in touch if they need additional details or ID copies to confirm the identities of the company directors and persons of significant control. In the case where past CCJs and bankruptcies are flagged, our Compliance Team will follow up with you to confirm they have been resolved.
Persons of significant control are those who fit any of the following criteria:
- Own at least 25% of the company shares
- Control at least 25% of the company's voting rights
- Must be directly responsible for a significant segment or activity of the company, i.e.: Chairman of the board, CFO, CEO, COO, Vice President
- Control or contribute to at least 25% of the company's finances
- Have direct control and/persuasion over significant proportions of primary business activities