Denmark-based startup HelloFlow raised US$ 1.6 Million in a seed funding round led by UK-based Seedcamp and Danish VC PreSeed Ventures, announced by the startup on July 13, 2021. Founded in 2020, HelloFlow remodels customer onboarding, and through a no-code platform, it identifies verification in the commercial market and ID authentication services in the local industry.
Given that many global scandals and fines against financial institutions struck $10.4 billion in 2020, the focus is growing on AML (anti-money laundering) processes in the financial industry. Consequently, the administrative requirements and yielding standards for new onboarding of clients to banks, exchange platforms, sports betting sites, crypto broker assistance and similars have exploded.
Commercial enterprises are henceforth facing the burden to find new onboarding solutions. A recent study shows that a reduction of 80-90% of operational values is expected from monetary institutions by digitalising their onboarding structure. Additionally, 45% of clients are prone to abandon onboarding application forms due to unsatisfactory customer interaction.
Purpose of Investment
With the increment of the new venture, HelloFlow intends to accelerate its product improvement to increase the advanced functionalities of the program. Moreover, the startup aims to extend beyond the financial markets by granting a complete onboarding solution for legal services and accounting.
What the CEO has to say
Co-Founder and CEO of HelloFlow, Mikkel Skarnager, explains, “By using the program, you can build a decent, sleek, and pliant onboarding process and bestow it with the clients, all inside in a single day. This practice makes it reasonable to launch your service in new industries globally within just 10 minutes”.
Managing the creation of onboarding and consumer identity verification(KYC) service for the Danish bank and trading platform Saxo Bank led Mikkel Skarnager to his vision of HelloFlow – a small scale market solution to digitalisation of financial institutions despite the size, niche or resources.
“After employing two years developing a setup for Saxo Bank, it became apparent that doing the same task all over again at different systems wouldn’t make sense. I wanted an entirely new way of thinking about such settings. Hence I wish to do for commercial organisations no less than what Webflow does for web design, but while being centred on KYC and AML compliance”, Skarnager added.
What the Investors has to say
Partner at Seedcamp, Tom Wilson, said, “Allowing corporations to build processes swiftly without the need for custom code, HelloFlow’s plug and play solution is a real game-changer for client onboarding. We’re thrilled to have the opportunity to operate with Mikkel and Ciprian and assist them in helping businesses say goodbye to passive client onboarding.”
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