Ontado, the software startup, is the first tech start-up to confirm its move to London after Brexit. In a show of confidence, that will boost the UK’s technology and business sector, Ontado will be establishing a new HQ in Canary Wharf in the City of London.
About Ontado
Ontado offers a total management solution for compliance, with live video and photo ID verification, screening, data monitoring, due diligence management, risk assessment and case management, all united onto a single integrated platform. The company delivers a 3D biometric map to manage individual ID profiles, thereby giving businesses a high degree of identity assurance. The digitised platform is suitable for all kinds of businesses, from small gig-economy startups through to large and complex regulated multinationals.
London’s Booming Tech Sector
London has long had a reputation for its booming tech sector, and Britain also has a strong global presence in the emerging field of fintech. Ontado specialises in biometric authentication software which is being heralded as a smarter alternative to password management and one that will help to tackle rising levels of cybercrime.
The software firm said that it had not been deterred by Britain’s exit from the EU and that it will leverage its new Canary Wharf space to launch a broader expansion of its services across Europe.
The news came after Ontado secured £1.5 million of seed capital from leading venture capital firm, OTB Ventures, in partnership with Startup Wise Guys, the startup accelerator.
London City still Europe’s Financial Centre
The tech firm was set up in Lithuania five years ago and it has ambitious growth plans which include priority expansion in Germany, France and Spain during 2022. CEO and founder, Liudas Kanapienis, said that London was still the best place to be for tech firms wanting to invest in fintech infrastructure and technologies. He added that the City still remained Europe’s main financial centre and that he saw this continuing into the future.
This view was echoed by OTB Ventures MD, Adam Niewinski, who spoke of the VC firm’s excitement at Ontado’s biometric service offer and growth potential. Already, Ontado’s technologies are being used by a leading transport rental firm to help identify drivers and automatically assess driving qualifications of customers looking to book rental cars.
It has experienced a sharp increase in service demand during the pandemic, thanks to a surge in online working and the acceleration of firms in sectors such as food delivery and e-commerce; all of which can use the biometric verification service to improve the speed, efficiency and security of their operations. As a result, revenues have grown over 300% since the start of 2020.
Ontado currently has over 150 business clients – from gig economy startups through to large Baltic financial institutions.
Niewinski said that he saw vast potential for Otador in the global market for user identification and business compliance; growing its R&D base from Lithuania, expanding into Europe and taking advantage of the Fintech talent, finance and infrastructure that was already in place in the UK.
This is good news for London but also the City of London specifically, showing that the powerhouse of the UK’s economy is still able to attract some of the best and brightest companies from around the world.
