This strategic collaboration furthers both companies’ missions of bridging connections across the financial technology (fintech) ecosystem and driving AI investments.

Grasshopper has experienced tremendous growth over the last year, welcoming thousands of new SMB and startup clients to its digital platform, which has been in part fueled by innovative partnerships with best-in-class fintech companies. The Bank will utilize Greenlite’s platform to scale their industry-leading customer due diligence (CDD) program, supporting the compliance team’s ability to monitor and address client risk with advanced automation.

“We’re excited to partner with Greenlite as an industry-leader in generative AI to enhance our team’s ability to identify and mitigate risks that are inherent to the digital world,” said Chris Mastrangelo, Chief Compliance Officer of Grasshopper. “Greenlite’s pioneering AI-based automation will significantly bolster our capabilities in discerning client risk, offering our team accurate and comprehensive compliance insights. This will allow us to scale more efficiently and better serve our client base, all under the umbrella of top-tier compliance technology."

Greenlite provides financial institutions around the world the ability to automate rigorous customer due diligence with generative AI. Its platform streamlines manual data aggregation, document reviews, and risk assessments, allowing financial institutions to onboard, periodically review, and investigate more business customers with ease. Greenlite recently raised $4.8M from top Silicon Valley based investors like Greylock, Y Combinator, and General Catalyst, and supports customers across three continents.

“We’re thrilled to partner with Grasshopper Bank to bolster their customer due diligence program,” said Will Lawrence, Chief Executive Officer of Greenlite. “As one of the most innovative US banks, Grasshopper demonstrates that integrating cutting-edge compliance AI is essential to offering superior client service while maintaining an exceptional compliance posture.”