Ondorse, a Parisian KYC solution, has raised €3.8 million in a Seed funding round. In use by fintech startups including Alan, Evy, and Piana, Ondorse intends to use the investment to further develop its offer as well as expand both the team size and European market penetration.
The €3.8 million Seed funding round was led by existing Pre-Seed investors Eurazeo and ISAI with angel investors hailing from Stripe, iBanfirst, and Qonto participating.
With regulators enforcing more than $5 billion in anti-money laundering fines in 2022, it's clear that knowing your customer is paramount to financial houses. However, according to research by Signicat, 40 percent of customers abandon a 10-minute or longer application process, resulting in an estimated loss of revenues totaling $3.3 trillion in 2019 due to application abandonment.
Eurazeo managing director Nicolas Debock elaborates:
"We have witnessed first-hand the pain of scaling fintechs in Europe in our portfolio. The multiplicity of regulations and data sources to manage across various countries has been a challenge for fintechs crossing borders.”
Where Ondorse steps in to help is via its onboarding form and risk-scoring engine, a solution that aims to cover the entire customer journey and help manage compliance workflows. According to Ondorse, some of its customers have reached up to 60 percent of automated business account openings and reduced a number of manual repetitive tasks.
While Ondorse is certainly not alone in its offer, according to ISAI principal William Vermont:
“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."
Lead image via ondorse.co