Sikoia, a London-based unified data platform and API marketplace for financial services, has raised $6m in a seed round to simplify customer onboarding.
The round was led by MassMutual Ventures (MMV) with Coalition Capital and existing investors Earlybird and Seedcamp doubling down on their commitment.
In an increasingly fragmented and often confusing FinTech service provider landscape, customer onboarding is difficult. Regulated businesses and financial institutions have to manually collect, validate and verify customer information across siloed sources.
According to Sikoia, this is a time-consuming process, which is also often costly and prone to errors. This can lead to delays in onboarding new customers and thereby risking fraud.
Sikoia is on a mission to help companies make better use of the data already available to them.
By unifying third-party data and APIs and combining automated workflows with a series of detailed analytics, Sikoia promises faster decision-making capabilities, increased efficiency, and reduced regulatory risk.
The round, which brings the total raised by the company to $8.3m, the capital will help fuel the company’s international expansion, deliver further data coverage and workflow automation, and develop unique technology to help its clients deliver exceptional client experiences.
Sikoia’s previous pre-seed round took place in August 2021.
Alexis Rog, Sikoia CEO, co-founder, and ex-SoftBank Vision Fund investor, said, “Besides assessing consumers applying for financial products, many Sikoia customers also onboard and verify international business clients.
“They need to assess information from multiple public and private data sources, covering the corporate entity itself as well as the directors, shareholders and associated entities. This often results in poor customer experience and unnecessary operational costs.”
Last year, OneBanx, a shared banking innovator, chose PassFort’s workflow solution to create a seamless onboarding experience for business customers.
As a result of using PassFort’s solution, OneBanx claims it plans to enable SME-specific features including the ability of business managers to deposit funds into a business account in a compliant manner without the need for a bank card.
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