Sweden’s Bits Technology secures €4M to democratise financial tech services for everyone

Bits Expertise co-founder (Left to Proper) Jonatan Klintberg, Fredrik Eriksson, Robin Lantz | Picture credit score: Bits Expertise

Stockholm-based Bits Expertise, a startup that goals to simplify and democratise monetary tech providers for everybody, introduced on Thursday that it has raised €4M in Seed funding to reshape how future fintech merchandise are constructed.

In September 2022, the corporate had raised €1M in pre-seed funding.

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The corporate says the Seed funds will assist it to speed up its product improvement and go-to-market plan, enabling companies to fortify their identification and anti-money laundering procedures towards consistently altering threats.

Buyers on this spherical

The spherical was led by Uncommon Ventures with further backing from Fin Capital. Present buyers Cherry Ventures, Alliance Ventures, Ahead VC, and Greens Ventures additionally participated on this spherical.

Uncommon Ventures is a seed-stage VC agency that gives creators of infrastructure software program and application-level startups a aggressive edge. Based in 2018, the agency goals to reinvent the VC engagement mannequin by serving entrepreneurs with unprecedented ranges of hands-on providers.

Fin Capital is an asset administration agency that backs B2B fintech firms throughout the US, Europe, and LatAm. Its investing platform consists of Level of Inception (Regatta, Pre-Seed / Seed), Early Stage (Flagship, Collection A-B), Progress Fairness (Horizons, Collection C+), and Public Fairness (Constellation) methods, and has invested in over 110 portfolio firms.

“Rethink how fintech merchandise are constructed”

Based in 2022 by Jontan Klintberg, Fredrik Eriksson and Robin Lantz, Bits Expertise is on a mission to simplify and democratise monetary tech providers for everybody.

The corporate says, “Our technique includes the orchestration of a number of infrastructure and knowledge sources, leading to flexibility and dynamic person experiences.”

Based on Bits, companies at the moment face plenty of administrative challenges within the identification and anti-money laundering (AML) space, which incorporates essential procedures like Know Your Buyer (KYC) and Know Your Enterprise (KYB). 

These areas current huge alternatives for enchancment, says Bits, and it’s, therefore, addressing them. These embody:

• Eliminating the necessity for a single supplier: One of many greatest issues shoppers have is being pressured to make use of a single supplier or knowledge supply for these providers, which can forestall them from increasing and bettering their choices.
• Present central visibility: By prioritising quite a few techniques for numerous makes use of, many companies try to handle the talked about single provider lock-in. However that additionally impacts the onboarding of latest shoppers and customers and restricts central view into knowledge.
• Creating customisable options: These providers and techniques are inflexible when mixed. Techniques for onboarding, monitoring, and AML have to be adaptable to the actual necessities of every buyer.

In 2023, Bits Expertise will provide a variety of options for the European market, together with a no-code resolution and API providing.

By the platform, clients will be capable to construct dynamic onboarding flows that may be scaled throughout quite a few markets with out worrying about adhering to regional compliance legal guidelines or incorporating further service suppliers.

Additionally, groups can design a personalized onboarding process in addition to a buyer reporting resolution for AML and person administration. 

Groups will likely be given collaboration capabilities in a single view by this resolution, to assist them entry helpful knowledge, create customized guidelines, consider threat, cease fraud, and uphold compliance.

Jonatan Klintberg says, “By utilising Bits, clients can conveniently entry all the mandatory knowledge for successfully managing and taking motion on their buyer and person onboarding.”

“By utilizing Bits’ platform, companies of all sizes can create a single view over the mandatory person data–regardless of the variety of knowledge sources and repair suppliers concerned,” provides Klintberg.