For fintechs, business entity verification (BEV) data can do far more than simply satisfy compliance requirements. From the moment a new business customer onboards and throughout the years they remain active, verification data continually supports the relationship. It determines how quickly businesses can get started; it fosters trust between the business customer and the fintech over time; and it can even pave the way to new solutions — a win-win for both parties as the relationship grows.
The best fintech platforms are able to harness this more expansive understanding of what business verification data is and how it can be used. Instead of seeing business verification as a one-time, back-office formality, they use accurate, real-time data for smoother onboarding, continuous trust, and long-term growth.
How top fintechs think about business verification data
The checkbox mindset (and why it fails)
Too many fintechs still approach Know Your Business (KYB) as an obligation. They collect documents, run them against a database, and hope the customer makes it through. While this might keep regulators at bay, it doesn’t do much to support the goals of sales and product teams. Business verification data remains static, and it’s not shared across the organization.
[H3] The strategic mindset (and how it drives growth)
Leading platforms see entity data differently. Verified, accurate information isn’t just a defensive measure — it’s the first proof point that a fintech understands and trusts each customer. But it doesn’t stop with a smooth onboarding process. With dynamic, ongoing business verification, the fintech can continue to build on that initial foundation of trust. This leads to greater confidence from both sides and more opportunities to deepen relationships, expand product adoption, and grow revenue over time.
How fintechs can use entity data to grow relationships and revenue
1. Frictionless business onboarding
First impressions will always matter. Early on, business customers are constantly asking themselves: Can I rely on this platform?
Fintechs that pre-fill and automate verification steps with real-time verification data create a dramatically smoother start for their business customers.
Take the business banking platform Novo as an example. By integrating Middesk, Novo eliminated much of the back-and-forth that typically drags down the onboarding process. Real-time access to Secretary of State records and IRS data meant customers could be verified quickly and seamlessly. For Novo, that translated into faster growth without sacrificing compliance.
The takeaway is that automation does more than reduce manual work for your ops team. It also signals to customers that your platform is efficient and trustworthy from the first interaction.
2. Unlocking tailored product experiences
After onboarding, entity data continues to pay dividends. Verified information allows fintech product managers to segment customers and match solutions to their needs with far greater precision. Here are a few examples of what that can look like:
- Risk-adjusted lending: Accurate ownership and financial data help fintechs extend credit responsibly, tailoring the terms to the right businesses.
- Faster eligibility checks: Treasury or foreign exchange (FX) products often come with complex requirements. Verified data accelerates eligibility, opening doors for customers who might otherwise face delays.
- Dynamic feature upgrades: Spend controls, higher limits, and specialized payment tools can be turned on automatically when the entity data paints a picture of a qualified, trusted business customer.
This personalization moves fintechs away from one-size-fits-all onboarding and toward dynamic, growth-focused product experiences over the lifecycle of each business customer.
3. Enabling scalable operations and faster launches
As fintechs grow, so can the strain on their teams. Without automation, every new customer means more manual reviews, more back-and-forth, and more risk.
Automated, continuous business verification, on the other hand, allows analysts to focus on the highest-value cases and spend their time on more strategic, proactive initiatives. More importantly for product managers, it allows teams to launch new features and markets with the most current verification data at their fingertips.
Instead of scaling headcount at the same pace as growth, fintechs can experiment, iterate, and go to market quickly — confident that entity data is providing a stable foundation for each new launch.
Get the most out of your BEV data to build stronger relationships with business customers
Business verification data should be more than a one-time requirement at onboarding. It’s the connective tissue of the entire customer lifecycle. From initial account setup and throughout the business customer lifecycle, the same data that satisfies regulators can also unlock differentiation, retention, and revenue growth. Accurate, automated entity data ensures fintechs can move quickly, build trust, and scale each relationship with confidence.
Curious how we've helped other fintechs?
Talk to our team to see how leading fintechs like Novo are using Middesk to turn business verification into long-term growth.
