Ondato raises more than $500K with plans to bring ID doc and selfie biometrics to Poland and Germany
Ondato plans to expand its biometric KYC services into the Polish and German markets after raising €450,000 (US$511,000) in funding from the Startup Wise Guys Acceleration Fund, Lithuanian publication Verslo Zinios reports.
The funding will also be used to support further development of Ondato’s remote customer verification technologies, according to CEO Liudas Kanapienis. Currently, the company is focussed on developing a platform to provide anti-money laundering (AML) and customer compliance management, with tools for data management, audits and reporting.
The company says its technology has been adapted to help insurance companies, law firms, and government agencies continue providing services during the COVID-19 pandemic.
Ondato’s customers include traditional banks such as Luminor, SEB and Swedbank, as well as fintechs. The company began providing ID document and selfie biometric checks last year, and was selected by Luminor earlier this year.
Kanapienis says Ondato is already established as a KYC leader in the Baltic region, and the support of Startup Wise Guys will accelerate its growth.
A representative of Startup Wise Guys notes that KYC processes have become even more common due to the impact of COVID-19.