Software startup Ondato moves to London in post-Brexit boost
Software startup Ondato is establishing new headquarters in London, marking a show of confidence in the UK’s booming tech scene after Brexit.
Ondato, which operates biometric authentication software, said it was “undeterred” by the UK’s departure from the EU and would use its new base in Canary Wharf to drive further expansion in Europe.
The move comes after the company secured $2m (£1.5m) in seed capital from venture capital giant OTB Ventures and startup accelerator Startup Wise Guys.
Ondato, which was founded in Lithuania in 2016, said it will also look to expand in France, Germany and Spain next year.
Founder and chief executive Liudas Kanapienis told City PM that the move reflected continued confidence in the capital after the UK formally leaves the EU.
“London was, is and will be the main financial centre in Europe,” he said.
Adam Niewinski, managing partner at OTB Ventures, added that the capital was “still the place to be when you want to invest in fintech and fintech infrastructure”.
Ondato’s platform uses biometric technology to provide businesses with user verification, data monitoring, screening and due diligence services.
For example, its technology is used by a major transport rental startup to verify the identity and driving qualifications of potential customers.
The firm has enjoyed a sharp rise in demand for its services during the Covid-19 pandemic thanks to a shift to online working and the growth of companies in sectors such as ecommerce and food delivery. Revenue has risen more than threefold since the start of the year.
Ondato now has more than 150 clients in 24 countries, including major Baltic banks and gig economy startups.