Even after Brexit, some EU startups are choosing to move their headquarters to the UK. Namely Ondato, a Baltic digital identity business that plans to expand into other European countries in the next year.
The Lithuanian company will now be based in London’s Canary Wharf district, using technology developed at its R&D centre in Vilnius. The move comes after raising $2 million in seed funding from Startup Wise Guys and OTB Ventures, two investors that focus on Central and Eastern Europe.
Founded in 2016, Ondato provides remote customer identification and KYC services, combining security and compliance into one platform. The startup says it now has over 150 clients across 24 countries, from gig economy startups to major corporate banks, and that its annualised revenue has tripled since the start of 2020. Next year the business wants to expand to Germany, France and Spain.