Ondato provides a multi-functional compliance management suite offered as a single SaaS platform, covering identity verification, data monitoring, screening, due diligence, risk scoring, and case management. The company is led by co-founder and CEO Liudas Kanapienis and was founded in 2016, operating from London and Vilnius. Ondato serves over 200 clients across more than 30 countries in fintech, banking, insurance, telecommunications, and related sectors. It closed a €3.6M seed extension that brings its total seed funding to €5.6M. The company intends to use the funds for product development and customer acquisition in Europe and the US ahead of a planned Series A in early 2022, and to expand the team to support new market expansion, product development, and operations. As part of the extension, LitCapital’s Šarūnas Šiugžda is joining Ondato’s board. Ondato provides remote customer identification and KYC services, combining security and compliance into a single platform. The company developed its technology at an R&D centre in Vilnius and has relocated its headquarters to London’s Canary Wharf. Founded in 2016, Ondato says it serves over 150 clients across 24 countries, from gig-economy startups to major corporate banks. Its annualised revenue has tripled since the start of 2020. After raising $2 million in seed funding, the startup plans to expand into Germany, France and Spain in the next year. Investors in the round—Startup Wise Guys and OTB Ventures—focus on Central and Eastern Europe. Ondato develops remote know-your-customer (KYC) and compliance technology that identifies private individuals and legal entities, reviews data registers, and fully authenticates clients to high security standards. The company has built a client authentication compliance management platform that maps to more than 15 regulatory requirements, manages client information, performs periodic checks, and generates required reports. Ondato serves traditional financial institutions and fintechs, and its services are used by large banks including Luminor, SEB and Swedbank, as well as insurance companies, attorney firms and state institutions. During the COVID-19 pandemic the startup adapted its technology to help nonbank sectors continue providing services remotely. Founded in 2016 and recognised in 2019 as fintech company of the year at the German-Lithuanian Business Awards (and a Top 10 Scale Up in Eastern Europe), Ondato is prioritising anti-money laundering (AML) capabilities and further development of its compliance platform. The company says recent funding will support technological development and geographic expansion into Poland and Germany.

Total raised

$7M

Funding rounds

3

Latest round

Seed

Latest activity

Oct 2021