November 27, 2022 Catherine Lygoe

LAB Group Scales Through Critical Mass with 125+ Members of the LAB Network

28th November 2022

Sydney, Australia – Australia’s most connected account opening platform provider, LAB Group (“LAB” or “the Company”), is pleased to announce that it has achieved a new growth milestone with 125 enterprise customers as members of the LAB Network.

Each of these customers is now positioned to take full advantage of membership of the LAB Network, through which LAB Group seamlessly connects consumers to financial products across a range of industry sectors.

LAB Network background

Through the Company’s 10+ year history, LAB Group has remained tightly focused on simplifying the digital onboarding journey for financial services customers while staying at the forefront of innovation and change in regulatory technology (RegTech). The quality and longevity of LAB Group’s relationships with its clients has opened the opportunity for LAB Group to augment its best-in-class digital onboarding platform with services that significantly enhance product distribution across more than 15 financial services verticals.

This has led to the Company’s development of the LAB Network: a set of interconnected white labelled instances of the LAB Platform. This network allows for the seamless consented movement of consumer profile data, offering consumers an unprecedentedly efficient onboarding experience into multiple providers across the Australian financial services market.

Three elements flowing from LAB Group’s technology leadership facilitate this capability:

  • An API that allows for consumer data to be received into the LAB Network from external sources
  • The LAB Network itself, which allows for the transfer of data within and between organisations on the LAB Platform
  • A unique feature which allows data to move out of the LAB Network and into downstream connected systems and vendors, facilitating automated account activation (LAB Group Partners with Kyckr for Global Institutional & Corporate Verification).

An example of these three elements working in concert

  • Using the LAB Network, a financial adviser can now use a wealth management platform to push their client’s data into an instance of the LAB Platform to pre-populate client information into an equity product offering (LAB Group Integrates with Iress Xplan).
  • If a new cash settlement account is also required, the client data can be sent to another LAB Network tenant to streamline and expedite a secondary onboarding process.
  • The LAB Network’s downstream connectivity then allows all the consented client information to flow into a downstream pre-integrated clearing and settlement platform – so the client is up and running operating the account faster than ever (LAB Group Integrates with FinClear).

The diagram below illustrates how the LAB Network delivers unprecedented connectivity across products and jurisdictions. This real world example requires applicants to be engaged on multiple instances of the LAB Platform across jurisdictional geographies and products.

With more than 125 LAB Group customers now active members, the LAB Network has accumulated a critical mass of organisations across a broad range of financial services verticals. This is now allowing LAB Group to realise compelling network effects to facilitate a more efficient institutional and retail investment marketplace and revolutionise the way people engage with financial services.

Plugging into the LAB Network is also a distinctly valuable opportunity for global enterprises whose operations require many upstream and downstream systems to interconnect to fulfill financial services. By connecting their cross region and cross product LAB Platform instances, the LAB Network will allow these groups to manage multi-jurisdictional differences in product and data capture requirements, minimising the information required for each engagement whilst simplifying their management of client product disclosure through LAB’s consenting framework.

Nick Boudrie, CEO of LAB Group, said:

“We are proud to deliver ongoing growth in the number and complexity of our LAB Network members. Every additional member delivers new benefits to our customer base and the millions of global consumers and institutions that they count as clients.
“With digital onboarding at the core of everything we do, the continued growth of the LAB Network offers opportunities for our Australian customers to expedite their access to international markets while also improving the onboarding user experience for investors who are based in a broad range of jurisdictions.
“Through the LAB Network, we pride ourselves on delivering a simple and elegant user experience for clients and advisers in a space that was once complex and disjointed. We look forward to continuing to enhance the connectivity throughout the LAB Network to improve our customers’ ability to distribute products and onboard new clients. We also see a bright future for the continued expansion of the LAB Network, as it grows to serve a globally addressable market in which, according to Juniper Research, annual RegTech spend is expected to increase to US$127 billion by 2024.”


About LAB Group Services Pty Ltd

Where welcome onboard begins.

LAB is a RegTech providing an innovative KYC & Onboarding platform that revolutionises the customer journey from the very first steps, fulfilling AML/CTF regulatory needs whilst saving time and resources by providing a high degree of automation for account creation and customer lifecycle management using remediation and ongoing customer due diligence processes.

The LAB platform welcomes tens of thousands of people into hundreds of financial product offerings across over 15 industry verticals, matching applicants with a vast array of market offerings.

Connect to more people in more places.

Connect into the LAB Network that leverages strategic partnerships and integrations to enhance product origination and distribution.

Hundreds of regulated entities around the globe connect through the LAB Network to accelerate customer registration, reduce onboarding time, increase security, and achieve higher completion rates.

The leaders in secure onboarding.

LAB’s continually advancing platform empowers our businesses to stay ahead of rapidly changing compliance regulations and evolving customer experience expectations.

Our Software-as-a-Service (SaaS) platform provides a fully compliant, end-to-end, multi product digital onboarding process. LAB seamlessly connects digital client acquisition, ID verification, biometrics, workflow management, fraud protection and compliance services on a single platform.

Become part of the most connected digital onboarding platform.

With LAB’s unmatched connectivity, we get you to market sooner through our sector-agnostic integrations and transformational data automation.

Discover more at


For all media enquiries please contact Tim Dohrmann, NWR Communications

Phone:  +61 468 420 846


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