Uniify raises EUR 3 M to automate financial client onboarding

The strict regulations within, among others, lending, wealth management and leasing has made customer onboarding an increasing manually intensive and difficult process for financial companies.

Now, technology is finally catching up.

Copenhagen Fintech member, Uniify, entered the fintech scene just over three years ago with a game-changing vision to change the way financial companies onboard new customers. The Danish start-up has since developed a solution which helps companies collect necessary financial information about their customers in a fast, easy, and secure way. This includes, but is not limited to income information, identity information, sanction lists, and Open Banking.

— Uniify's vision is to disrupt the way financial SMEs in Europe onboard and screen their customers today and in the future. For the SMEs customers, we make their work easier when, for example, they lease a new car or need to borrow money for a new house, as they don't have to collect and search for information themselves. For our customers, it increases the conversion rate, and the manual workflow is significantly reduced when payslips, identity information, and other financial information are obtained digitally via Uniify, says Niclas Adegnika, CEO at Uniify in the press release.

— We are in a favourable situation as we are currently the only ones who have gathered all the necessary data sources and partners in one unified solution. We are experts in financial onboarding and not the classic compliance, KYC, and credit tool. There are many of them, and they do not yet offer the same opportunity to automate the onboarding of customers as we do, he elaborates.

Uniify joined the Copenhagen Fintech Mentor Program in 2021 as a bootstrapped company under the name Kreditdata, with the aim to raise capital. Through the program they gained feedback on their business model, help with preparing the pitch deck for future funding, as well as the advice to change their name from Kreditdata to something which would become more recognisable internationally- Uniify.

Now, two years later, the start-up can proudly announce that it has raised EUR 3 million from investors People Ventures, Forward VC, founders of Public.com Jannick Malling and Leif Abraham, as well as several Business Angels, thereby officially ending its days as a fully bootstrapped company. Once such business angel is Daniel Vittrup, a Mentor at Copenhagen Fintech who worked directly with Uniify to prepare for the funding round.

— With growing concerns around governance and compliance, particularly in the financial sector, the expensive and time-consuming process of onboarding clients is becoming an increasingly painful challenge for most companies. As a Venture Fund, we have seen these processes, and the, quite frankly, outdated systems from up close. Learning about the product Troels, Niclas, Martin, and their team have built, the pragmatic approach to creating onboarding flows, and the way they've built their company so far, had us excited about the team and the service they're providing. Matter of fact, we might know of a few regulatory authorities in our industry who could stand to consider Uniify's services, says Vince Wols, Partner at Forward VC, in the press release.

According to Uniify, the market in Europe has tended to exclusively develop digital solutions for the enterprise segment, which makes it difficult for SMEs to find solutions that suit their needs. Therefore, the start-up plans to use the capital to hire more people and expand into new markets, with an initial focus on launching in the UK.

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