Written by Tyler Pathe 21st June 2024
Paris-based compliance automation platform Ondorse has announced the continuation of its intended expansion into the UK and Ireland with the successful close of three new client deals.
Ondorse signs three new clients in UK&I expansion
The regtech’s latest client additions include payment processing company PayXpert and insurance portfolio broker Assurdeal, both based in the UK, along with insurance and retirement platform Kota, which is headquartered in Dublin.
The three firms will adopt Ondorse’s AI-powered know-your-business (KYB) solution, which the vendor claims “automates and accelerates burdensome compliance processes, enabling businesses to verify customers more efficiently and reduce the operational costs of compliance” with a specific focus on mitigating money laundering and financial crime.
The solution seeks to eliminate manual compliance tasks for businesses, such as the laborious input of KYB data, the retrieval of data and documents, and manual activity logging, with previous adopters – which includes insurance unicorn Alan – reporting a 70% reduction in overall compliance costs and a 95% reduction in manual compliance reviews.
Launched in 2021 and backed by $6.63 million in total funding, Ondorse says it will initiate new hires and partner recruitment as a result of its push into the UK and Ireland, and will “open an office in the UK next year following its rapid and recent commercial success”.
To support the execution of these developments, the regtech has also appointed senior OpenAI executive Olivier Godement as an independent board member.
“The UK is pivotal for the next stage of our growth within Europe, and we know there’s a significant opportunity to support the financial sector here,” comments Ondorse CEO, Florent Robert.
“We’re looking forward to building on our current client base and securing new opportunities to help companies in this region meet the growing challenge of reducing financial crime.”
Source : fintechfutures.com
