Copenhagen-based Meo, formerly known as NewBanking, has recently announced a successful funding round, securing €1.67m.
According to Arctic Startup, this significant capital injection comprises contributions from existing investors, Scale Capital and EIFO Ventures, alongside a generous €1m loan from Gilion, the Swedish growth and lending platform formerly recognized as Ark Kapital. Meo’s core mission is to assist compliance teams within regulated sectors to efficiently verify customer identities, thus safeguarding against financial, reputational, or legal risks.
Established in 2015 and steered by CEO Christian Visti Larsen, Meo has diligently developed a user identity platform designed to streamline the verification process across businesses. This innovation not only addresses the immediate needs of its users but also confronts the regulatory challenges posed by the European Anti-Money Laundering (AML) directive and the General Data Protection Regulation (GDPR), among other pertinent legislative frameworks.
The objective behind Meo’s latest funding is clear: to accelerate the company’s growth in new markets, enhance sales operations, and extend its customer base beyond the traditional banking sector to encompass venture capitalists and law firms. By doing so, Meo aims to solidify its position as a leader in the internet economy’s trust infrastructure.
In addition to the platform’s primary functions, Meo has successfully created a robust ecosystem consisting of verification, enrichment APIs, and trusted communication channels through collaborations with notable partners like CreditSafe, Danish e-Boks, Thales Group, and Swedish BankID. This network underpins the platform’s value proposition, offering comprehensive solutions to its growing clientele.
Meo’s journey since its inception has been marked by significant milestones, including the onboarding of hundreds of companies to enhance their compliance and AML capabilities. With the recent funding round, Meo is poised to build upon this momentum, as highlighted by founder Christian Visti Larsen: “We continue to see a growing demand for our platform and constantly hear about more companies looking for a comprehensive compliance solution allowing end-users to verify their identity easily and securely across businesses.”
The support from Gilion and the ongoing commitment from Scale Capital and EIFO Ventures have been instrumental in Meo’s growth trajectory. Oliver Enevoldsen, Investment Manager at Gilion, lauded Meo’s blend of technical prowess and industry insight, expressing enthusiasm for the company’s future. Additionally, Meo’s previous fundraising efforts, including a DKK 12.5m ($1.9m) capital investment round in 2020, underscore the sustained confidence in its mission and strategy.
Jakob Ellehauge Sode, Senior Portfolio Manager at EIFO, reflected on the partnership’s journey, emphasizing Meo’s critical role in the evolving compliance landscape and the potential for further financial collaborations within the tech startup ecosystem.
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