The short answer is: "because it’s money and we’re serious about security."
The long answer is that Fincent partners with Stripe and Plaid for secure payment processing and bank account authorization, respectively, and they both require some information about the person or company receiving funds.
Data we collect and pass on to Stripe for verification may include information about your business’s legal entity and personal information about your business’s representatives and those who own or control it.
We also authenticate the bank account you will use to receive payments
Verification is usually instant, but we may require additional information in some cases, such as a scan of a valid government-issued ID and/or proof of address. If so, you’ll see an alert banner in Get Paid. You can receive payments using Fincent as soon as you have been verified.