Seed round for fintech ID startup raises $4.5M

A fresh investment of €4 million (US$4.5 million) in Bits Technology could increase the Swedish firm’s penetration into identity and anti-money laundering (AML).

The funding, led by Unusual Ventures, is the first since a pre-seed round last fall that raised €1 million. All major investors from the pre-seed stage remained on board as participants. According to a release, the new funding will gird foundations of Bits’ forthcoming onboarding, reporting and collaboration products for financial technology vendors.

In a statement, Bits CEO Jonathan Klintberg says his products enable “businesses of all sizes (to) create a single view over the necessary user information, irrespective of the number of data sources and service providers involved.”

The company touts its no-code platform and single-integration API.

Its platform is built using the TypeScript and React languages in the Next.js framework for the front end, and Go on the back end. AWS is the cloud provider, combined with a new development framework for serverless architecture, called Serverless Stack (SST).

Bits was founded in Stockholm in 2022. The company is banking on continued growth in the European compliance and risk management software market, which they forecast will be worth $70 billion by 2027.

Article Topics

AML  |  Bits Technology  |  digital identity  |  funding  |  startup