Jonathan Awad and Timothy Hyde founded Baselayer, which has a skilled staff of machine learning and compliance specialists. In less than six months, the platform has gained approximately thirty clients, including well-known brands as Rho and one of the top five lending infrastructure systems.

In addition to well-known figures from the financial sector like Eric Woodward, the former president of Early Warning Services, and executives from Stripe, Brex, Valley Bank, and Airbase, among others, investors in the seed round include Torch Capital, Afore Capital, Founder Collective, Picus Capital, and Gilgamesh Ventures.

The goal of Baselayer is to fight financial fraud while streamlining corporate onboarding procedures. Baselayer seeks to streamline the Know Your Business (KYB) assessment process, which presently requires laborious human verifications that can take days or even weeks, in light of the fact that fraud methods have the potential to cost global banks $500 billion by 2023.

"For a new or small business, waiting days or weeks to have access to a bank account can be devastating," said Baselayer CEO and co-founder Jonathan Awad. It is impossible to run a business without a bank account, and as fraud has grown more sophisticated, banks are finding it increasingly harder to authenticate tiny or newly established businesses. We seen this issue directly, therefore we developed our own solution that gives access to fraud sharing on firms that is unique in the industry to all banks, lenders, and payment providers on our platform. Now, Baselayer is able to instantly recognize, evaluate, and project the risk of each and every possible business client.

Because of Awad's personal experience with bank failures and his inability to obtain a commercial banking account, he and Hyde created Baselayer. By using artificial intelligence (AI) to create knowledge graphs, Baselayer can forecast and distinguish between authentic and fraudulent patterns. This allows financial institutions to instantly validate the authenticity and evaluate the risk of new business clients in real time.

In praising Baselayer's ingenuity, former Early Warning president Eric Woodward said, "All consumers will ultimately be businesses." This emphasizes how crucial it is for banks and other service providers to be able to evaluate and authenticate small company identities and risks in a timely and accurate manner. Although consumer verifications have advanced significantly, there hasn't been a comparable product on the market to secure and streamline the KYB process—a service that Baselayer is now offering exclusively.