Ondorse, a popular compliance based automation platform from Paris, recently announced a significant step forward in its expansion plans for the UK and Ireland. With the successful closing of three new client agreements, the regtech innovator is set to deepen its presence in these key markets.
This development marks a major milestone in the company’s strategic growth and it shows its dedication to delivering innovative compliance solutions across Europe.
Additions to the Roster
The latest clients to join Ondorse’s expanding roster include PayXpert, a leading payment processing company based in the UK. Another client to join was Assurdeal, which is a prominent insurance portfolio broker also located in the United Kingdom.
Additionally, Ondorse has welcomed Kota, an insurance and retirement platform headquartered in Dublin. These new partnerships clearly highlight the rapidly growing influence of this company and shows that it will stop at nothing to increase its global reach.
The three new clients are set to leverage Ondorse’s advanced AI-powered Know-Your-Business solution. Ondorse highlights that this innovative technology not only automates and streamlines complex compliance processes but also accelerates them, enabling businesses to verify their customers with greater efficiency. The firms will adopt this solution with the hope of significantly reducing the operational costs associated with compliance.
Moreover, the KYB solution is particularly focused on addressing critical issues related to money laundering and financial crime, providing a solid framework to enhance overall regulatory adherence and risk management.
More About the KYB Solution
The solution designed by Ondorse helps eliminate the need for manual compliance tasks, such as the time-consuming input of KYB data, manual activity logging, along with data and document retrieval.
Previous adopters, including the notable insurance unicorn Alan, have reported impressive results, including a 70% reduction in overall compliance costs and a 95% decrease in manual compliance reviews. This significant improvement highlights the efficiency of Ondorse’s solution in transforming and streamlining compliance processes for businesses.
Strategic Moves to Enter in the UK
Established in 2021 and supported by $6.63 million in funding, Ondorse is gearing up for a significant expansion into the UK and Ireland. As part of this growth strategy, the company is preparing to hire new experts in the coming months.
What’s more, they will also be seeking additional partnerships to bolster its presence in these markets. It is also worth mentioning that Ondorse plans to open a new office in the UK next year, reflecting its rapid commercial success and commitment to strengthening its footprint in the region.
To support these strategic initiatives, the regtech company recently appointed Olivier Godement, a distinguished senior executive from OpenAI, to its board as an independent member. This new addition is expected to bring invaluable expertise and strategic insight, which will potentially help guide the company’s expansion efforts.