{"id":64411,"title":"Plutto, business background checks for LatAm","tagline":"Meet the business verification tool that increases your on-boarding speed from weeks to minutes","body":"“I’m sorry but we’re not going to accept your investment. At the moment we’re not taking business clients”. This was the answer we got from a fintech that got us to start Plutto right away.\n\n### **Hey YC!**\n\nWe’re Antonia, Ignacio, Felipe and Sebastián and we’re the co-founders of Plutto! **We help financial services to verify and validate their business customer in minutes for LatAm.**\n\n### **So, what’s the problem?**\n\nBusiness information is all over the place in LatAm.\n\nIf you’re a fintech, bank, payment company, or basically anyone who needs to onboard B2B clients, chances are you spend a lot of time gathering information to know who you are dealing with, and sometimes, to be compliant with the law. This process is called Know Your Business (KYB).\n\nThis a **time-consuming and expensive** process that usually involve lawyers and other people to be completed. **A business can wait up to 3 months to open a bank account in Chile** and other countries in LatAm.\n\nWe allow our clients to solve this problem in a fast and automated way.\n\n### **How does it work?**\n\nThe only thing we need is your client’s company registration number (TIN equivalent) and we **gather the information for you**. This can be done using our dashboard or API. We also help our customers to request private documents that can’t be obtained from any source providing a white label on-boarding form. We also process and review the information of this documents so they don’t have to be manually reviewed.\n\nThe outcome is a company profile with all the information, documents and on-boarding steps our clients need **to make a solid decision.**\n\n### **This is something that had to be done!**\n\nIn previous experiences we struggled with this problem, paying up to $100 per customer on-boarding and waiting weeks until they were done. Some of our clients take less than 10 minutes to validate their users and we charge between 6-20 bucks for it.\n\nAs we hinted at the start, we once tried to invest our company’s money in a Chilean fintech and get rejected because they were not accepting business clients due to this issue. Absolute madness. We started on this idea the following day.\n\n# How can you help us?\n\nAt the moment we’re working with our first 6 clients in Chile and we’re looking to expand to other LatAm countries. Specially Perú, Colombia and Mexico so any of the following **introductions or meetings** will be much appreciated:\n\n* People who **work in the on-boarding or legal team** in a B2B LatAm fintech.\n* Someone who is **an expert in law and regulation for fintech**, banks or any other business that requires KYB (Know Your Business) in 🇵🇪, 🇨🇴, 🇨🇱 or 🇲🇽.\n* Any fintech or company that might need our services in the region.","slug":"Gkt-plutto-business-background-checks-for-latam","created_at":"2022-07-07T14:34:17.524Z","updated_at":"2026-05-25T01:32:56.996Z","total_vote_count":31,"url":"https://www.ycombinator.com/launches/Gkt-plutto-business-background-checks-for-latam","share_image_url":"//bookface-static.ycombinator.com/assets/ycdc/yc-og-image-c440a0ad1dacfb86eeeb343717479cc54d256614449b4ef719977a0a451f8bc8.png","company":{"id":27047,"name":"Plutto","slug":"plutto","url":"https://getplutto.com/","logo":"https://bookface-images.s3.amazonaws.com/small_logos/73b6704b442fafacacd64a71fafe1899c3d11a6c.png","batch":"Summer 2022","industry":"B2B","tags":["Fintech","Identity","Latin America","Enterprise Software"],"search_path":"https://bookface.ycombinator.com/company/27047"}}