Paris-based startup Ondorse raises €3.8m to expand KYC solution in Europe

Paris-based startup Ondorse raises €3.8m to expand KYC solution in Europe

Published: 27-09-2023 13:49:00 | By: Pie Kamau | hits: 1180 | Tags:

Ondorse, a business KYC solution, has raised  €3.8 million seed round led by existing pre-seed investors Eurazeo and ISAI with the participation of leading angel investors from Stripe, iBanfirst and Qonto. Since its launch in May 2022, Ondorse has verified over 10,000 businesses. The Ondorse platform is used by fintechs such as Alan, Evy and Piana.

Florent Robert, Co-founder and CEO, Ondorse: ''We started building Ondorse from our experience when we realised compliance officers and customer success teams were the unsung heroes of the fintech revolution. We automate onboarding and compliance tasks so that teams can focus on the work that truly needs a human touch.''

Global regulators enforced more than $5 billion in AML fines in 2022. At the same time, missing good customers is costly. 40% of customers abandon a 10-minute or longer application process, leading to an estimated $3.3 trillion in lost revenues in 2019 for application abandonment.

William Vermont, Principal, ISAI: ''Many industries are facing heavier compliance processes and costs, more specifically in the financial industry. Ondorse is on track to smooth and optimise the onboarding of various stakeholders on behalf of their clients. The ROI is such that a solution like Ondorse appeared to us to be in phase with future trends.''

Nicolas Debock, Managing Director, Eurazeo: ''We have witnessed first-hand the pain of scaling fintechs in Europe. The multiplicity of regulations and data sources to manage across various countries has been a challenge for fintechs crossing borders. We are excited to continue supporting Ondorse as they expand to more customers in Europe.''

Ondorse is already used to manage compliance workflows at scale. With the launch of its intelligent onboarding form and risk-scoring engine, it now covers the entire customer journey. Some Ondorse customers have reached up to 60% of automated business account openings and reduced manual repetitive tasks.

Ondorse will use this additional funding to accelerate the development of its platform, increase its workforce and further develop its European footprint.