“Among the numerous benefits, we aim to leverage the Startupbootcamp Fintech NYC experience to build relationships with the banking partners and pilot our risk model and technology,” commented VendorMach Co-Founder and CEO Chaney Ojinnaka.
Founded by Ojinnaka and CTO Peter Hartl who met during their MBA program at the University of Chicago and who collectively have over 15 years of corporate risk and IT experience at Aetna, Humana, Verisign and AT&T, VendorMach resulted from the colleagues’ observations of the internal process of how vendors were onboarded and tracked across their enterprises purchasing and finance departments. VendorMach particularly targets supply chain issues such as communication silos, and increased risks incurred by onboarding, monitoring and retaining suppliers and ‘Knowing Your Third Party’ compliance requirements.
“VendorMach is the go-to platform for SME monitoring and associated value add services as it relates to the mid market and enterprise finance supply chain. Our long term vision is to be the bridge that facilitates improved alternate finance options for SMEs using our trust score,” Ojinnaka added when asked about the new platform’s vision.
Over the last few years, banks have been fined over $150B for issues such as client reporting and anti money laundering errors, noted Ojinnaka in an email,
headquartered in London with a US office in New York and an Advisory Board that includes Ned Wiley, Sebastian Sujka and Hanna Helin.