Lithuania-based Ondato attracts €450K for its KYC solutions

Lithuanian-based startup Ondato, has closed a pre-seed round and attracted €450K from Startup Wise Guys accelerator fund on 5^th June, 2020. The company offers know-your-customer (KYC) solutions.

Established in 2016, Ondato is developing compliance solutions and remote KYC, which help identify both legal entities and private individuals, review data registers and fully authenticate the client in line with the highest reliability and security requirements. In 2019, Ondato was among the Top 10 Scale Ups in Eastern Europe and was recognized as the fintech company of the year at the German-Lithuanian Business Awards.

The company is currently offering services to both private financial technology companies and traditional finance institutions operating in cyberspace. During the pandemic COVID-19, Ondato has adapted the technologies it is developing for use in attorney segment, insurance companies and state institutions, supporting them continue to provide services during the pandemic. 

Ondato is currently placing significant emphasis on money laundering and prevention, as well as developing its client authentication compliance management platform, which helps financial institutions and other organizations 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 founder and head Liudas Kanapienis assures that the new funding will contribute to even greater technological development and entry into the German and Polish markets.

“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.

Partner at The Startup Wise Guys accelerator fund, Dmirtrij Sosunov has commented that before the Coronavirus pandemic outbreak, KYC solutions were already a key part of all businesses and due to the Covid-19 resultant lockdown, the need to supply services in electronic space and suitably identify one’s clients has been even further emphasized.