Ondato in a €3.6M seed extension round led by OTB Ventures, LitCapital and Startup Wise Guys

Ondato, a Vilnius, Lithuania-founded developer of compliance software developer, announced a €3.6M ($4.2M) equity funding in a seed extension round.

The money was raised from OTB Ventures, LitCapital and Startup Wise Guys.

Proceeds will be used to expand the team with a focus on high-calibre hires to support new market expansion, product development and operations.

Ondato, founded in 2016 and led by CEO Liudas Kanapienis, provides remote customer identification and KYC services, combining security and compliance into one platform. The company offers 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. It works with 150 clients from 24 countries.

Ondato initially raised its seed round at the end of 2020, and also secured half a million in the summer of 2020.