This week, Meo (formerly NewBanking), the Danish end-to-end platform helping clients with risk assessment and continuous due diligence, secured €1.67 million, expanding its client base beyond the traditional banking sector to VCs and law firms.
Founded in 2015, the company helps compliance teams in regulated businesses verify customers and protect themselves from financial, reputational, or legal risk.
Meo has created a user identity platform that allows end-users to verify their identity quickly and securely across businesses. It's natively integrated with leading financial databases, business registries, AML providers, and fraud prevention APIs. It helps companies reduce the turnaround time for customer onboarding and allows for integrated identity verification in one location.
The platform also solves the regulatory challenges that financial institutions face, especially those related to the European Anti-Money Laundering (AML) directive and GDPR, among other relevant regulatory legislation.
Christian Visti Larsen, Founder at Meo, shared:
"We continue to see a growing demand for our platform and constantly hear about more companies looking for a comprehensive compliance solution allowing end-users to verify their identity easily and securely across businesses."
Meo has already onboarded hundreds of companies and created an entire ecosystem of verification, enrichment APIs and trusted communication channels through partners such as CreditSafe, Danish e-Boks, Thales Group and Swedish BankID.
The additional €1.67 million comes from a new capital round from existing investors, including Scale Capital and EIFO Ventures, and a €1 million loan from the Swedish growth and lending platform, Gilion. It brings the company's funding to $6.6 million.
According to Oliver Enevoldsen, Investment Manager at Gilion:
"Meo has created a compelling and easy-to-use platform in a complex environment – marrying great technical ability and first-hand industry expertise.
The company has demonstrated robust, sustained, and predictable growth. And as they're ready to expedite growth and expand their pool of customers in Europe, we are pleased to be able to help finance the company's next chapter."
According to Jakob Ellehauge Sode, Senior Portfolio Manager at EIFO:
"Bringing Gilion on board not only provides more capital for Meo's growth plans, but it also gives the tech startup community an indication that it is possible to attract debt from market players.
We expect to see more similar financial collaborations when financing the growth of promising software companies."
Lead image: Meo. Photo: uncredited.
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