Ondato, a London, UK and Vilnius, Lithuania-based compliance-as-a-service KYC fintech startup, closed a €3.6 million seed extension round.

The round was led by LitCapital, also led by OTB Ventures and Startup Wise Guys, bringing the total amount raised by Ondato so far to €5.6M. Šarūnas Šiugžda, Founder and Managing Partner at LitCapital, is also joining Ondato as a Board Member.

The company intends to use the funds to further focus on product development and customer acquisition in Europe and the US ahead of a planned Series A in early 2022, and expand the team with a focus on supporting new market expansion, product development, and operations.

Company: Ondato UAB

Raised: $3.6M

Round: Seed extension round

Funding Month: October 2021

Lead Investors: LitCapital, OTB Ventures, and Wise Guys

Additional Investors:

Company Website: https://ondato.com/

Software Category: Multi-functional compliance management

About the Company: Led by Liudas Kanapienis, co-founder and CEO, Ondato provides a multi-functional compliance management suite designed specifically for financial institutions, offering integrated solutions for identity verification, data monitoring, screening, due diligence, risk scoring, and case management, all under a single software as a service (SaaS) model. Founded in 2016, the company serves over 200 clients in more than 30 countries operating in fintech, banking, insurance, telecommunications, and other related sectors. 

Source: https://www.finsmes.com/2021/10/ondato-raises-e3-6m-in-seed-extension-brings-seed-total-to-e5-6m.html