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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.

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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.

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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

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