KYC start-up HelloFlow closes $1.6m seed round

Danish finance group PreSeed Ventures and the UK-based Seedcamp led the round with the fintech operator, which has been created to revolutionise client onboarding and identity verification with a no-code platform that integrates with ID authentication services in local markets.

HelloFlow said the service has been set up in response to an increasing focus on anti-money laundering (AML) processes and compliance standards in areas such as gaming, banks and crypto broker services. It added that a recent McKinsey study shows that institutions can reduce operational costs by up to 90% by digitalising their onboarding setup.

“Using the platform, you can set up a proper, sleek, and compliant onboarding process and share it with the clients, all inside a single day. This makes it possible to launch your service in new markets across the world within 10 minutes,” said Mikkel Skarnager, the co-founder and chief executive of HelloFlow.

The start-up was co-founded by Skarnager following his spells with Danish bank and trading platform Saxo Bank and payments services supplier Nets Group.

Tom Wilson, partner at Seedcamp, said: “HelloFlow’s plug-and-play solution is a real game-changer for client onboarding, allowing companies to set up processes quickly without the need for custom code. We’re delighted to have the opportunity to work with [co-founders] Mikkel and Ciprian Florescu and support them in helping companies say goodbye to slow client onboarding.”