KYC solution provider norbloc has closed a $1.6m seed round led by Greece-based Marathon Venture Capital.
Other contributions to the round came from Digital Currency Group, Inbox Capital, Back in Black and avito’s founding team.
Sweden-based norbloc helps to streamline the KYC process by putting the process through its blockchain technology. Through the platform a client creates a personalised questionnaire template, which then automatically fills in data from public sources about customers, the remaining data is then filled in by customers.
Information collected from the questionnaires is then encrypted and stored on a blockchain platform, which allows the client to use analysis tools and reports to manage customer files, check compliance and complete AML transaction checks.
The new line of capital will be used to help the company to build its company and hire more staff across its four active markets.
Marathon Venture Capital partner Panos Papadopoulos said, “We were immediately intrigued by the sophistication of the norbloc solution. Anyone who has ever opened a business banking account is well aware of how irritating it is to have to go through the process of providing the same information to financial institutions again and again. norbloc’s platform makes complete sense; it reduces the complexity and repetitiveness of KYC while at the same time empowering customers by giving them full control over their data.”
The company has also had a newly formed advisory board, which consists of founders of KYC solutions for Thomson Reuters, previous members of Executive Boards of top-tier European banks and regional heads of global financial institutions.
Earlier this week identity verification platform Alloy raised £3.8m in a seed round, anti-fraud AI solution Feedzai secured a $50m round and risk and compliance platform risk and compliance was sold by Riverside Partners.
Earlier this year Marathon led the $14m Series B round into Insurance platform Baozhunniu.
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