Institutions are increasingly using automated models to accelerate credit and hiring decisions leveraging AI/ML. In order to build the next-generation models to handle these tasks, organizations must design systems that are reflective of the dynamics of a modern economy (prevalence of gig/flexible workers) and have the appropriate supporting data to assess. Konfir is an instant employment and income verification data platform that provides companies with real-time access to employment and income data for any UK-based worker that can be used in decisioning. All the data on the platform is user-permissioned, protecting the personal information of the applicant, and therefore compliant with GDPR. In terms of employment, decisioning models have far too long stringently relied only on traditional income for assessing worthiness, limiting access to the financial system for otherwise qualified potential borrowers. With Konfir, banking, lending, loan servicing, leasing companies, and potential hiring companies can get verified, real-time income data straight from the source.
London TechWatch caught up with Konfir CEO and Founder Chris Milligan to learn more about the inspiration for the business, the company’s strategic plans, recent round of funding, and much, much more…
Who were your investors and how much did you raise?
We raised a pre-seed round of £1.6m, led by Triple Point Ventures. Other investors include Michael Pennnington, cofounder of Gumtree, Duncan Tatton-Brown who has sat on the boards of Zoopla, Trainline, and Loveholidays, along with executives from Stripe.
Tell us about your product or service.
Konfir securely removes the administrative burden companies face when requesting or completing employment verifications. In a GDPR-compliant way, we streamline the approval process by providing instant verifications and tools for your team. Our aim is to accelerate all corners of the modern UK economy; for those switching jobs, to those renting a property, or obtaining any type of credit.
What inspired the start of Konfir?
Having worked in the HR space previously, I witnessed how the verification process was broken; the process was slow, insecure, and treated the individual’s consent only as an afterthought. Given the availability of data that can evidence an individual’s income and employment, connecting these disparate data sources and using them to streamline the verifications process seemed like the obvious answer.
How is it different?
Konfir is the first solution of its kind in the UK. Verifications using Payroll and Banking data are instantaneous. We also offer an online portal that allows for any UK employee to be verified, thereby ensuring that we cover the entire workforce. Unlike traditional verifications that happen slowly via email and phone calls.
What market are you targeting and how big is it?
To begin, we are targeting income and employment verifications in the UK. Around 10% of the UK workforce changes jobs every year. Beyond simple employment, our process can be applied to any process that requires the verification of income (think mortgages, lending, tenancy agreements, credit checking, etc.). Our process has been designed in line with GDPR, meaning that the wider European market is a natural next step for us. In other words, there is no shortage of opportunity for Konfir in this space.
What are your post-COVID office plans?
We are a remote-first company, with an office space in Central London. We enjoy getting together regularly, but believe in the efficiency and comfort offered by flexible working arrangements.
What are the biggest challenges that you faced while raising capital?
Sizing the market as it’s a new opportunity in Europe
What factors about your business led your investors to write the check?
Our investors are aware that the timing has never been better; changes in Right to Work legislation mean that Konfir’s product perfectly solves the problem of digitizing recruitment.
Our investors are aware that the timing has never been better; changes in Right to Work legislation mean that Konfir’s product perfectly solves the problem of digitizing recruitment.
What are the milestones you plan to achieve in the next six months?
- Launch instantaneous verifications
- Expand into different industries and let the network effect grow from there
- Develop a plan for our expansion into the wider EU market.
What advice can you offer companies in London that do not have a fresh injection of capital in the bank?
Approach the problem you’re trying to solve with radical simplicity. Building a solution that is simple and allows investors to see the true value you are adding, while lowering costs by focusing only on what matters.
Where do you see the company going now over the near term?
We will focus on developing a product that is incredibly user-friendly, and intuitively solves the pain points seen in the existing issues in the verification market. This will allow the product to grow organically; both in terms of its features and its audience.
What is your favorite restaurant in London?
How can you choose one! It depends on the day of the week, who I am with, and my mood. As the sun comes out it’s definitely something with an outdoor space.
