Kyckr’s customer receipts have dropped 7 per cent this quarter but the company is insisting all is well.

In its fourth quarter report, the regulatory technology company (ASX:KYK) said receipts dipped to $475,000 from $510,000 in the prior quarter.

Revenue also fell by 12.5 per cent.

It said in April they said the March quarter revenue was a record high.

Kyckr provides know-your-customer software that automates financial background checking processes when approving new customers, and ongoing monitoring of existing customers. It means problems like illegal activity can be picked up quickly.

Cash holdings rose to $4.7 million after they raised money in June from sophisticated investors.

Kyckr said its online services delivered strong growth and expected “strong growth to continue” after it relaunches its website, but did not acknowledge the quarter-on-quarter dip.

Stockhead is seeking comment from Kyckr.

The company’s main activities in the June quarter were signing up a distributor for the Russian and Commonwealth of Independent States (CIS), and signing up a US bank for five years for know-your-customer services.

Kyckr opened on Monday flat at 17c.