Stockholm-based Bits Technology, which offers business and customer identity, has raised €4m in its seed funding round.
The RegTech will use this seed capital to accelerate its product development and go-to-market strategy to help more organisations bolster their identity and AML processes.
Unusual Ventures, a Californian venture capital firm, served as the lead investor. Other commitments came from Fin Capital, and all of Bits Technology’s existing investors, which includes Cherry Ventures and Alliance Ventures.
Bits Technology’s goal for 2023 is to launch a suite of products for the European market, including a no-code solution and API offering. Its platform allows customers to create dynamic onboarding flows that can be scaled across multiple markets without needing to worry about local compliance regulations or integrating with new service providers.
Additionally, the platform will allow teams to build a tailored onboarding experience and customer reporting solution for AML and user management. It boasts collaborative tools so teams can access actionable data, customise rules, assess risk, prevent fraud and maintain compliance.
Bits Technology CEO and co-founder Jonatan Klintberg said, “At Bits we build for a seamless user journey in the necessary KYC processes – which are fundamental in order for businesses to both convert and comply. By utilising Bits, customers can conveniently access all the necessary data for effectively managing and taking action on their customer and user onboarding.
“By using Bits’ platform, businesses of all sizes can create a single view over the necessary user information–irrespective of the number of data sources and service providers involved.”
Another Swedish FinTech company to recently raise capital was Open Payments, which bagged €3m in funding.
The company empowers online banking functionality to be shifted from the online bank to the customers’ business systems and interfaces, allowing the end user to approve direct payments without logging into their online bank.
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