Fintech News | Fintech Zoom

Digital ID verification gaining momentum in European fintech: Lithuanian startup Ondato secures funding

Lithuania-based know your buyer (KYC) options supplier Ondato develops distant KYC and compliance options that assist in figuring out non-public people and authorized entities, evaluation knowledge registers and authenticate purchasers with the very best safety and reliability necessities. In a modern information replace, the startup has secured €450ok pre-seed funding from Begin-up Sensible Guys accelerator fund.

Begin-up Sensible Guys fund is part of the Acceleration Fund Programme, which is financed by way of the Enterprise Finance Fund that in flip is financed by the European Regional Improvement Fund. The Enterprise Finance Fund will get funding by way of EU funds primarily based on the 2014-2020 EU fund funding motion programme within the nation.

Please maintain studying..

Because the coronavirus pandemic unfolds on the earth, we at Silicon Canals are dedicated to…Present Extra
Because the coronavirus pandemic unfolds on the earth, we at Silicon Canals are dedicated to creating the largest attainable influence on the know-how business and startup ecosystem by bringing high quality journalism to your gadgets. However at the moment we depend on our readers to help us. We’re asking you a giant favour to make a contribution and help our editorial crew to proceed to analyze and write some insightful tales for you throughout these disaster instances. We wish to stand by you and do no matter it takes to deliver the very best information content material to you.Our tales are free to learn, unique, unbiased and all the time with an edge and along with your monetary help, we are able to maintain the wheel spinning independently. Our on-line information platform is run by a small, impartial writer with none type of exterior capital or grants however nonetheless, we plan to remain right here for lengthy.We’d wish to thanks upfront to your contribution! Every donation, nonetheless massive or small, means loads. Help Silicon Canals from as little as €10 – it should solely take a minute. Thanks once more.Present Much less

READ  FinTech vs. Healthcare Covid-19 Disaster Sequence

Develops distant buyer identification options

Based by Liudas Kanapienis in 2016, Ondato provides providers to conventional monetary establishments and personal fintech corporations working or all for working in our on-line world. This Lithuanian startup emphasises on cash laundering and prevention, in addition to creating its shopper authentication compliance administration platform, which helps monetary establishments and different organisations match greater than 15 completely different necessities. This additional manages shopper data and periodically checks it, creating studies and different processes mandatory for monetary establishments.

Ondato began providing KYC providers since final 12 months and has obtained applause for a similar. It’s now recognised as a number one fintech with excessive prospects. Again in 2019, it was recognised because the fintech of the 12 months on the German-Lithuanian Enterprise Awards and was among the many High 10 Scale Ups in Japanese Europe.

On the time of the COVID-19 pandemic, Ondato tailored the applied sciences it’s creating for use by insurance coverage corporations, the lawyer phase and state establishments. Thereby, it helps them proceed to offer their uninterrupted providers through the robust state of affairs.

Eyes improvement and enlargement!

Ondato will use the contemporary funding to contribute to higher technological improvement. Additionally, the corporate eyes to develop into Poland and Germany. Dmirtrij Sosunov, companion on the Startup Sensible Guys accelerator fund acknowledged that KTC options have already been a key a part of all companies. Throughout the COVID-19 pandemic, the necessity to provide providers within the digital and establish one’s purchasers has gained additional emphasis.

“The Startup Wise Guys accelerator fund will grant our startup the opportunity to grow even faster and expand into other countries. We are already one of the leading KYC platforms in the Baltic States, we are trusted and our services are already used by the largest banks such as Luminor, SEB, Swedbank, other financial and insurance companies and various startups,” stated founder Kanapienis.

READ  WE Hub invitations purposes for incubation programme

D. Sosunov stated, “The decision to invest was based on the Ondato team, which has vast experience in the fintech domain and which does not limit itself to successfully operating in the Baltic States, seriously aiming for the global market. We see that Ondato is unafraid to innovate and offers its clients new products which resolve key and expensive problems related to client verification and compliance (KYC and AML)”.

Essential picture image credit: Ondato

Keep tuned to Silicon Canals for extra European know-how information.

Engaged on subsequent massive innovation in well being & diet?

How will we create a world the place we are able to feed a inhabitants of 9 billion, and maintain all these…Present Extra
How will we create a world the place we are able to feed a inhabitants of 9 billion, and maintain all these individuals wholesome? Present Much less

Jung Min-seo


Add comment