Stockholm-based Bits Technology secures €4 million to reshape the future of fintech
Summary
By using Bits’ platform, businesses of all sizes can create a single view over the necessary user information–irrespective of the number of data sources and service providers involved.” The startup has just secured €4 million to develop its solution. We’re excited to support their efforts to bring cutting-edge solutions to market.” Based in Stockholm, Bits Technology has developed a platform that enables customers to create onboarding flows that can be scaled across multiple markets, without worrying about local compliance regulations or integrating new service providers. This solution equips teams with collaborative tools in a single view, enabling them to access actionable data, customise rules, assess risk, prevent fraud, and maintain compliance. According to Bits, the compliance and risk management software market in Europe is expected to be worth $70bn by 2027 driven by factors such as increasing regulatory pressure, rising financial crimes, and the need for more sophisticated identity verification and monitoring solutions. Following this funding, Bits Technology is launching a suite of products in 2023 for the European market, including a no-code solution and API offering.
Funding
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