Digital ID verification gaining momentum in European fintech: Lithuanian startup Ondato secures funding

Lithuania-based know your customer (KYC) solutions provider Ondato develops remote KYC and compliance solutions that help in identifying private individuals and legal entities, review data registers and authenticate clients with the highest security and reliability requirements. In a latest news update, the startup has secured €450k pre-seed funding from Start-up Wise Guys accelerator fund.

Start-up Wise Guys fund is a part of the Acceleration Fund Programme, which is financed via the Business Finance Fund that in turn is financed by the European Regional Development Fund. The Business Finance Fund gets funding via EU funds based on the 2014-2020 EU fund investment action programme in the country.

Develops remote customer identification solutions

Founded by Liudas Kanapienis in 2016, Ondato offers services to traditional financial institutions and private fintech companies operating or interested in operating in cyberspace. This Lithuanian startup emphasises on money laundering and prevention, as well as developing its client authentication compliance management platform, which helps financial institutions and other organisations match more than 15 different requirements. This further manages client information and periodically checks it, creating reports and other processes necessary for financial institutions.

Ondato started offering KYC services since last year and has received applause for the same. It is now recognised as a leading fintech with high prospects. Back in 2019, it was recognised as the fintech of the year at the German-Lithuanian Business Awards and was among the Top 10 Scale Ups in Eastern Europe.

At the time of the COVID-19 pandemic, Ondato adapted the technologies it is developing to be used by insurance companies, the attorney segment and state institutions. Thereby, it helps them continue to provide their uninterrupted services during the tough situation.

Eyes development and expansion!

Ondato will use the fresh investment to contribute to greater technological development. Also, the company eyes to expand into Poland and Germany. Dmirtrij Sosunov, partner at the Startup Wise Guys accelerator fund stated that KTC solutions have already been a key part of all businesses. During the COVID-19 pandemic, the need to supply services in the electronic and identify one’s clients has gained further 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,” said founder Kanapienis.

D. Sosunov said, “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)”.

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