London-based FinTech Ondato raises £ 3m to accelerate growth in the UK

FinTech startup founded in Lithuania and headquartered in London Ondato Is a leading provider of KYC / AML compliance management technology for financial institutions. Compliance as a service startup Ondato has completed a € 3.6 million seed expansion round led by OTB Ventures, LitCapital and Startup Wise Guys, bringing the total amount raised by Ondato to € 5.6 million. became.

Focus on growth in the UK

In addition to funding, Seed Extension will be joined by experienced institutional investor Lit Capital to provide strategic support as startups continue to grow rapidly.

NS Funding It is used to expand the team around talented people to support new market expansion, product development and operations.

Prior to Series A planned for early 2022, Ondato aims to use additional support to further focus on product development and customer acquisition in Europe and the United States.

The London-based startup moved there after Brexit because it’s the perfect place for a FinTech startup for a variety of reasons. Salary increases help them hire and grow in the UK / UK business. The current priority is to enhance our services in the UK and provide KYC products to our finserv customers in the UK.

“We have quadrupled in the last 10 months and have significantly expanded the size of our team and the scope of our services. The data show that we need to deepen and expand our use of the KYC service. Additional funding. Helps maintain a pace of growth that exceeds our expectations and welcomes Lit Capital as it enters the next expansion phase. Ondat Co-Founder and Chief Executive Officer Riudas Cana Pienis said:

“Ondat has identified a unique opportunity in a booming market and has successfully built and sold a truly comprehensive compliance management software that uses the latest technology to outperform other KYC providers. I am very pleased to be able to work with Liudas and his team in such a short period of time, “said Šarūnas Šiugžda, founder and managing partner of Lit Capital. Did. board member.

KYC FinTech Business

Founded in 2016, Ondato has developed software that allows banks to onboard new clients and manage other compliance features. The company serves more than 200 clients in more than 30 countries operating in fintech, banking, insurance, telecommunications and other related sectors.

London-based FinTech Ondato raises £ 3m to accelerate growth in the UK

Source link London-based FinTech Ondato raises £ 3m to accelerate growth in the UK

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