Grasshopper Bank Partners with Financial Crime Assurance and Testing Specialist Cable – Finovate

• New York-based digital bank Grasshopper announced a partnership with automated financial crime assurance and testing specialist Cable.
• The partnership will enable the bank to enhance its own compliance and risk management capabilities.
• Cable made its Finovate debut last September at FinovateFall.

Digital bank Grasshopper has turned to Cable for its automated financial crime assurance and testing capabilities. The bank will leverage Cable’s technology to deploy next-level automation that will enhance the advanced compliance and risk management capabilities of its own compliance program.

“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 – back by the leading advanced compliance technology,” Grasshopper Chief Compliance Officer Chris Mastrangelo said.

Cable offers a solution that enables both banks and fintechs to automate their compliance assurance and effectiveness testing. The company’s Automated Assurance offering helps institutions discover regulatory breaches and control failures when they occur, empowering compliance teams to take immediate action. Cable’s technology streamlines a variety of manual processes including operations in quality control, stakeholder reporting, and record management. The company says that businesses have achieved nearly a 6x average return on investment in their first year using Cable. Clients using Cable’s complete suite of solutions have saved an average of $440,000 a year, according to the company. Cable demoed its technology at FinovateFall last year.

Based in New York, Grasshopper is a digital bank with total assets of more than $700 million. The institution caters to the “innovation economy,” serving small businesses, startups, venture capital and private equity, as well as fintechs. The bank’s partners include a number of Finovate alums including Visa, FIS, and Alloy. Grasshopper won Best Use of Tech in Banking at the 2023 Banking Tech Awards USA sponsored by sister publication Fintech Futures.

“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,” Cable CEO Natasha Vernier said. Grasshopper will take advantage of Cable’s Partner Hub, which provides compliance infrastructure that is specifically designed for bank-fintech relationships. This includes automated risk assessments, automated assurance, quality assurance, management information, reporting, and more.

Vernier co-founded Cable with Chief Product Officer Katie Savitz in 2020. The company raised $11 million in Series A funding in May. Stage 2 Capital and Jump Capital provided the financing, along with existing investor CRV. This year alone, Cable has partnered with digital asset custody platform Palisade, embedded banking software platform Treasury Prime, U.K. bank Griffin, and crypto payments company Ramp.

Photo by Silas Jaeger

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• Source: https://finovate.com/grasshopper-bank-partners-with-financial-crime-assurance-and-testing-specialist-cable/