Ondato, a London, UK and Vilnius, Lithuania-based compliance-as-a-service KYC fintech startup, closed a €3.6M seed extension round.
The seed extension sees the addition of LitCapital. The round was also led by OTB Ventures and Startup Wise Guys, bringing the total amount raised by Ondato so far to €5.6M. Šarūnas Šiugžda, Founder and Managing Partner at LitCapital, is also joining Ondato as a Board Member.
The company intends to use the funds to further focus on product development and customer acquisition in Europe and the US ahead of a planned Series A in early 2022, and expand the team with a focus on supporting new market expansion, product development and operations.
Led by Liudas Kanapienis, co-founder and CEO, Ondato provides a multi-functional compliance management suite designed specifically for financial institutions, offering integrated solutions for identity verification, data monitoring, screening, due diligence, risk scoring, and case management, all under a single software as a service (SaaS) model.
Founded in 2016, the company serves over 200 clients in more than 30 countries operating in fintech, banking, insurance, telecommunications, and other related sectors.