HelloFlow, a Danish FinTech startup, has closed a $1.6m Seed spherical led by a Danish VC PreSeed Ventures, and UK-based, Seedcamp. The corporate revolutionizes consumer onboarding and id verification within the monetary trade with a no-code platform, that integrates with ID authentication companies in native markets.

“Utilizing the platform, you possibly can arrange a correct, glossy, and compliant onboarding course of and share it with the shoppers, all inside a single day. This makes it potential to launch your service in new markets internationally inside 10 minutes” – explains Mikkel Skarnager, the Co-Founder and CEO of HelloFlow.

With an rising concentrate on anti-money laundering (AML) processes within the monetary trade, not least because of a sequence of worldwide scandals and fines towards monetary establishments reaching $10.4 billion in 2020, the regulatory necessities and compliance requirements for onboarding new shoppers to banks, funding & buying and selling platforms, crypto dealer companies, sports activities betting websites and alike have exploded.

With their digital no-code onboarding platform HelloFlow, due to this fact, faucets right into a quickly rising market estimated to €1 billion on the time being.

Mixed with new expectations from shoppers demanding the method of beginning to use a service to be digital, seamless, and fast, monetary companies are below stress to seek out new onboarding options. Not solely are 45% of shoppers prone to abandon the appliance kind because it offers a foul buyer expertise, however a current research exhibits that monetary establishments might scale back 80-90% of operational prices by digitalizing their onboarding setup.

Whereas monetary establishments totally acknowledge these points in addition to alternatives to optimize, they battle to seek out options on the present market, as out there worldwide companies like Onfido or Dow Jones are cost-intensive and have low conversion charges, whereas the simpler means of integrating with native regulatory companies takes months (at greatest) of creating custom-made IT programs as virtually each nation has their very own resolution (like NemID, BankID, MyInfo, BeID, and so on.).

Precisely being in control of constructing a bespoke onboarding and buyer id verification (KYC) setup for the Danish financial institution and buying and selling platform Saxo Financial institution was what led HelloFlow’s founder and CEO Mikkel Skarnager to his imaginative and prescient of making an answer with low limitations to digitalization for all monetary companies no matter measurement, market or assets.

Mikkel Skarnager explains that “After having spent 2 years constructing a setup for Saxo Financial institution it grew to become apparent that doing the identical factor another time at different establishments merely wouldn’t make sense. I needed a totally new mind-set about such setups, therefore hope to do for monetary establishments at least what Webflow does for internet design, however with a concentrate on KYC and AML compliance”.

Earlier to his profession at Saxo Financial institution, Mikkel labored ‘on the opposite aspect of the desk’ with creating the ID authentication service NemID for Nets Group. So did his co-founder and CTO at HelloFlow Ciprian Florescu, who due to this fact have in-depth information of how regulatory companies are constructed.

And the 2 founders’ expertise is what has particularly impressed Alexander Viterbo-Horten Funding Director at PreSeed Ventures previous to investing in HelloFlow:

“I and our complete crew at PreSeed Ventures have been impressed by Mikkel and Ciprian from the primary assembly. There’s not solely a really robust founder market match because of their related expertise, particularly with Mikkel’s perception from constructing a bespoke resolution for Saxo Financial institution, however as a crew, they transfer with an unimaginable velocity and proceed to show a excessive degree of execution talent”.

PreSeed Ventures have within the firm of Seedcamp invested $1.6m in HelloFlow. Beforehand the 2 have additionally co-invested in Danish startups like Pento or Dreamdata.

Concerning the new funding Tom Wilson, Associate at Seedcamp, feedback: “HelloFlow’s plug and play resolution is an actual game-changer for consumer onboarding, permitting firms to arrange processes shortly with out the necessity for customized code. We’re delighted to have the chance to work with Mikkel and Ciprian and help them in serving to firms say goodbye to gradual consumer onboarding.”

With the brand new capital, HelloFlow plans to speed up its product improvement to broaden the progressive functionalities of the platform. Furthermore, the corporate goals at increasing past the monetary trade by providing an entire onboarding resolution for authorized companies and the accounting industries.