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Date : 17/03/2021

Why did Kyckr (ASX:KYK) trade higher today?

Kyckr is a B2B information services company that aggregates, organises and structures the world’s primary source company data to help businesses reduce the risks associated with counterparty relationships. This helps organisations to avoid the significant regulatory and commercial costs associated with using poor quality data. This accurate data and innovative technology enables Kyckr to help businesses succeed in the fight against fraud, money laundering and financial crime.

Kyckr shares were on a downward trend going into the pandemic. But since the crash in March 2020, they recovered quickly and returned 54% in the past 1-year. Kyckr shares have always been subject to lots of volatility. Kyckr shares were trading 18% higher today on the back of an announcement where Kyckr has collaborated with BAE Systems to tackle anti-money laundering and compliance challenges of regulated firms.

BAE Systems is a firm that works with nations, governments and businesses around the world and helps them defend themselves against cybercrime, reduce their risk in the connected world, comply with regulation, and transform their operations.

The partnership agreement will enable all the mutual customers to access Kyckr’s network of over 180 registries and 170 million entities across 120 countries. This gives Kyckr a significant competitive advantage in its sector. According to studies, the global KYC market was estimated at $257.23 million in 2019 and is expected to reach $1,015.36 million by 2026 and is expected to grow at a compound annual growth rate (CAGR) of 22% from 2019 to 2027, and Kyckr is targeting this large market.

On the back of this announcement, Kyckr shares closed at $0.069.

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