Paris-based KYC solution provider Ondorse has secured €3.8 million in Seed funding, with participation from angel investors from Stripe, iBanfirst, and Qonto, as well as existing Pre-Seed investors Eurazeo and ISAI. Ondorse’s clientele includes fintech startups like Alan, Evy, and Piana, and they plan to utilize this investment to enhance their offerings, expand their team, and increase their presence in the European market.
With regulators imposing substantial anti-money laundering fines exceeding $5 billion in 2022, the importance of “know your customer” (KYC) processes for financial institutions is evident. However, a study by Signicat reveals that 40 percent of customers abandon lengthy application processes, resulting in a potential revenue loss of $3.3 trillion in 2019 due to application abandonment.
Ondorse addresses these challenges with its onboarding form and risk-scoring engine, providing a comprehensive solution that streamlines the entire customer journey and simplifies compliance workflows. Ondorse reports that some of its clients have achieved up to a 60 percent increase in automated business account openings, reducing manual, repetitive tasks.
While Ondorse faces competition in this space, ISAI principal William Vermont emphasizes the company’s alignment with future trends, noting its potential to streamline and optimize onboarding processes for various stakeholders on behalf of its clients, resulting in a compelling return on investment.
By FCCT Editorial Team
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