Vilnius-based Ondato, a digital and biometric authentication company has announced its European expansion plans. The company has named London as its new headquarters. The announcement follows the seed funding it raised and it intends to power the digital economy in 2021 with its biometric authentication software meant for user onboarding.
Eyes to expand in Europe
As a part of its expansion plans, Ondato announced that it will look forward to expand in Germany, France and Spain. With the $2M (nearly £1.47M) that the company secured from Startup Wise Guys and OTB Ventures, Ondato eyes to expand its product development at the R&D hub in Lithuania. Also, it wants to expand its footprint in Europe to achieve further growth.
Liudas Kanapienis, founder and Chief Executive of Ondato, said: “The UK remains a business capital for Europe and we are excited to call London our new home – undeterred by Brexit. Amid the unprecedented global disruption of 2020, agile start-ups such as Ondato have rapidly grown to meet the new needs of an increasingly digitised economy.”
Adam Niewinski, Managing Partner at OTB Ventures said: “We see huge potential for Ondato in this vast market for user identity and compliance. Ondato is already a vastly international business, and I look forward to seeing its global footprint expand further.”
COVID-19 accelerated business!
Ondato provides a complete compliance management solution with photo and live video identity verification, data monitoring, screening, due-diligence, risk scoring and case management on a unified platform. It captures a biometric three-dimensional map of an individual for identification, thereby providing a high-level of identity assurance as compared to others used by large gig economy businesses.
Talking about growth, the impact of Covid-19 has accelerated the Ondato business, claims the company. During the uncertain time, there has been a significant demand for rapid onboarding of users to digital platforms across industries such as transport, food delivery, online commerce and consumer services. Eventually, this has increased the need for effective and cost-efficient Know Your Customer compliance by banks and insurance providers for merchants and sole traders taking up new roles.
This rapid digitisation of business has led to a demand for Ondato’s suite of authentication products. As a result, the company has over 150 clients across 24 countries ranging from gig economy startups to major corporate banks. Moreover, Ondato’s annual revenue has witnessed over 3x growth in 2020.