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Meo Raises €1.67M for Sector Expansion

Meo, previously known as NewBanking, scored €1.67 million in funding, marking a pivotal moment
March 7, 2024

In a significant development this week, Meo, formerly known as NewBanking, has secured €1.67 million in funding. This Danish platform, originally focused on aiding clients in the banking sector with risk assessment and continuous due diligence, is now broadening its horizons to include venture capitalists and law firms.

Established in 2015, Meo offers a comprehensive solution for compliance teams in regulated industries, aiding them in verifying customers and safeguarding against financial, reputational, and legal risks.

At the core of Meo's offering is its user identity platform, which enables end-users to swiftly and securely verify their identity across various businesses. Integrated with leading financial databases, business registries, AML providers, and fraud prevention APIs, the platform streamlines customer onboarding processes and centralizes identity verification.

Moreover, Meo addresses the regulatory hurdles faced by financial institutions, particularly those concerning the European Anti-Money Laundering (AML) directive and GDPR compliance.

Christian Visti Larsen, Founder at Meo, remarked on the growing demand for their platform, emphasizing the need for a comprehensive compliance solution facilitating seamless identity verification across businesses.

Meo has already amassed a substantial client base, partnering with industry leaders like CreditSafe, Danish e-Boks, Thales Group, and Swedish BankID to offer an ecosystem of verification, enrichment APIs, and secure communication channels.

The recent funding injection of €1.67 million, sourced from existing investors including Scale Capital and EIFO Ventures, along with a €1 million loan from Swedish platform Gilion, marks a significant milestone for Meo. This brings the company's total funding to $6.6 million, enabling it to accelerate growth and expand its customer base across Europe.

Oliver Enevoldsen, Investment Manager at Gilion, commended Meo's platform for its technical prowess and industry expertise, highlighting the company's consistent growth trajectory. The partnership with Gilion not only provides financial support for Meo's expansion plans but also sets a precedent for similar collaborations within the tech startup community.

Jakob Ellehauge Sode, Senior Portfolio Manager at EIFO, echoed this sentiment, emphasizing the potential for future financial collaborations to fuel the growth of promising software companies.

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