Ondato is developing remote KYC & compliance solutions, which help identify both private individuals and legal entities, review data registers and fully authenticate the client in line with the highest security and reliability requirements.
The start-up is currently offering services to both traditional finance institutions and to private financial technology companies operating or interested in operating in cyberspace. In the face of COVID-19, Ondato has adapted the technologies it is developing for use in insurance companies, the attorney segment and state institutions, helping 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 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 founder and head Liudas Kanapienis assures that the new investment will contribute to even greater technological development, and entry into the Polish and German markets.
“The Start-up Wise Guys accelerator fund will grant our start-up 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 start-ups,” Kanapienis states.
Dmirtrij Sosunov, partner at the Start-up Wise Guys accelerator fund in Lithuania which has invested 450 thousand euros into Ondato, says that while up to the arrival of the pandemic KYC solutions were a key part of all businesses, however in the face of COVID-19, the need to supply services in electronic space and suitably identify one’s clients has been even further emphasised, and Ondato is capable of helping with this.
“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). Also, as one of the most active early-stage fintech investors in the Baltic States, we perceive synergies with other start-ups in the fund’s portfolio. This year, we plan to open another fintech-oriented accelerator and we will invest in ten to 12 start-ups, with this expected to include joint projects with Ondato,” D. Sosunov says.
Ondato began offering KYC services in 2019 and has already received praise and recognition as a leading fintech company with high prospects. In 2019, it was recognised as the fintech company of the year at the German-Lithuanian Business Awards, and was among the Top 10 Scale Ups in Eastern Europe.
The Start-up Wise Guys fund is part of the Acceleration Fund Programme. This programme is financed through the Business Finance Fund, which in turn is financed by the European Regional Development Fund. This is managed by Invega, and its founders are the Ministry of Economics and Innovation together with the Ministry of Finance and Invega. The Business Finance Fund receives financing through EU funds based on the 2014-2020 EU fund investment action programme in Lithuania.
