Copenhagen-based AML platform Meo, formerly NewBanking, has secured €1.67M in funding for increased growth and expansion in Europe. The funding includes a new capital round from existing investors Scale Capital and EIFO, as well as a €1M loan from Swedish growth & lending platform Gilion (formerly Ark Kapital). Meo helps compliance teams in regulated businesses verify customers and protect themselves from financial, reputational, or legal risk. With the funding, Meo plans to expedite growth in new markets, ramp up sales, and expand its customer base beyond traditional banking sectors to include VCs and law firms.
Meo, founded in 2015 by CEO Christian Visti Larsen, has created a user identity platform that allows end-users to verify their identity easily and securely across businesses. The platform also solves the regulatory challenges that the financial institutions are facing, especially in regards to the European Anti-Money Laundering (AML) directive and the General Data Protection Regulation (GDPR) among other relevant regulatory legislation.
Meo is on a mission to improve trust infrastructure for the internet economy. The company helps compliance teams in regulated businesses verify customers and protect themselves from financial, reputational, or legal risk.
“We continue to see a growing demand for our platform and constantly hear about more companies looking for a comprehensive compliance solution allowing end-users to verify their identity easily and securely across businesses.” says Christian Visti Larsen, Founder at Meo. “With the latest capital injection, we will build on our existing momentum to expedite growth in our new markets, ramp up on sales, and expand our customer base”.
After launching the first version of the product in 2015, Meo has already onboarded hundreds of companies to aid their compliance and Anti-Money Laundering efforts. The company has also created an entire ecosystem of verification, enrichment APIs and trusted communication channels through partners such as CreditSafe, Danish e-Boks, Thales Group and Swedish BankID.
“Meo has created a compelling and easy-to-use platform in a complex environment – marrying great technical ability and first hand industry expertise.” says Oliver Enevoldsen, Investment Manager at Gilion. “The company has and continues to demonstrate robust, sustained, and predictable growth. And as they’re ready to expedite growth and expand their pool of customers in Europe, we are pleased to be able to help finance the company’s next chapter.”
Meo is no stranger when it comes to ramping up supporters for their mission. Back in 2020, the company secured DKK 12.5M ($1.9M) in a capital investment round from Danish institutional investors, including Scale Capital and EIFO Ventures.
“From the very beginning, EIFO has proudly supported Meo with both equity and debt financing. Meo operates in a field that requires more and more attention, and we believe that the company has an important role to play in the future,” says Jakob Ellehauge Sode, Senior Portfolio Manager at EIFO. “Bringing Gilion on board not only provides more capital to Meo’s growth plans, it also gives an indication to the tech startup community that it is possible to attract debt from market players. We expect to see more similar financial collaborations when it comes to financing the growth of promising software companies.”
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Originally published on ArcticStartup : Original article