Identity verification firm Ondato has extended its seed financing round after it netted a further €3.6m.
The extension was led by OTB Ventures, Startup Wise Guys and Lit Capital, the latter of which is a new investor. Earlier this year, Ondato raised €2m in seed capital. This brings the company’s total funding to date to €5.6m.
Founded in 2016, Ondato provides a complete compliance management suite in regard to the know your customer procedure. This includes both photo and live video Identity verification, data monitoring, screening, due-diligence, risk scoring and case management all in one place.
The company claims its software enables banking institutions to onboard new clients and manage other compliance functions. It currently serves over 200 clients in over 30 countries who operate in a wide range of sectors such as FinTech, insurance, banking and telecommunications.
According to Ondato, it intends to use the seed funding to expand its team with a focus on ‘high-calibre’ hires to support market expansion, product development and operations. Furthermore, the company stated it also aims to use the new backing to further focus on customer acquisition in Europe and the US ahead of a planned Series A early next year.
Ondato CEO and founder Liudas Kanapienis said, “We have grown 4X in the last 10 months and substantially expanded our team size and range of services. The data shows us that there is a need to both deepen and widen the use of KYC 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 as experienced institutional investors, we are well positioned for continued growth and a strong Series A in 2022.”
LitCapital founder and managing partner Šarūnas Šiugžda – who will also join the Ondato board – added, “Ondato has identified a unique opportunity in a booming market and successfully built and marketed a product that goes beyond what any other KYC provider has – a truly comprehensive compliance management software making use of the latest technology. We are impressed with what Liudas and his team achieved during such a short period of time, and we are extremely happy to be able to work alongside them.”
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