With digital banking and the digitisation of financial services, customer identification and other aspects of KYC compliance have become unavoidable. Financial services companies need to overcome this and are looking to smoothen the onboarding experience for new and existing customers. This is where London-based Ondato comes in.
Ondato provides a complete compliance management suite for the “know your customer” procedure – from both photo and live video Identity verification to case management, the suite has all in one place.
And now in a development, the startup announced that it has closed a €3.6M seed extension round. Including this round, the company has now raised a total of €5.6M in funding to date.
Investors and capital utilisation
The extension round was led by OTB Ventures, LitCapital, and Startup Wise Guys. As part of the investment, Šarūnas Šiugžda, Founder and Managing Partner at LitCapital will be joining Ondato’s board.
According to a statement, Ondato says LitCapital is an experienced institutional investor and it will help the company with strategic support as it continues to scale rapidly. The funds will help Ondato to expand its team to support new market expansion, product development, and operations.
Liudas Kanapienis, co-founder and CEO of Ondato says, “We have grown 4X in the last 10 months and substantially expanded our team size and range of services. The additional funds will help us sustain a pace of growth that has beaten our expectations. We are also excited to welcome LitCapital on board to enter our next expansion stage. With their backing, we are well positioned for continued growth and a strong Series A in 2022.”
Complete compliance management suite
Founded in 2016 by Andrej Vistorskij and Liudas Kanapienis, Ondato offers KYC/AML compliance management technology to financial institutions. It aims to provide the highest standard compliance tools to help turn compliance into a competitive advantage for its clients.
The company’s suite is designed specifically for financial institutions, offering integrated solutions for identity verification, data monitoring, screening, due diligence, risk scoring, and case management, all under a single software-as-a-service (SaaS) model.
Currently, Ondato serves over 200 clients in more than 30 countries operating in fintech, banking, insurance, telecommunications, and other related sectors.