Because there is no HelloFlow
Hellow, a Danish financial technology startup, completed a 1.6 million dollar side round financing led by Danish VC President Ventures and the UK based Side Camp. The company has completely changed the customer login and authentication in the financial industry through the integration of the non code platform with the authentication service in the local market.
“With this platform, you can build an appropriate, smooth and compliant onboarding process and share it with customers within a day. This allows us to bring our services to new global markets within 10 minutes“ Mikkel Skarnager, co-founder and CEO of HelloFlow, explained:
In particular, in 2020, a series of international scandals and fines imposed on financial institutions reached US $10.4 billion. As a result, people are increasingly concerned about the anti money laundering (AML) process in the financial industry, and banks, investment and financial institutions are also raising their regulatory requirements and compliance standards for new customers. Trading platforms, encrypted intermediary services, sports gambling websites, etc. have increased dramatically.
As a result, HelloFlow, a digital codeless login platform, has entered the rapidly growing market, which is currently estimated to be worth 1 billion euros.
In addition to customers’ new expectations for digitalization, flexible service and rapid service startup, financial enterprises are faced with the pressure to find new employment solutions. 45% of customers provide poor customer experience, so they can give up the application, and according to recent research, financial institutions can digitize the enrollment settings, thereby reducing operating costs by 80% to 90%.
Financial institutions are fully aware of these problems and optimization opportunities, but it is difficult to find solutions in the market at present because of the high cost and low conversion rate of international services such as Onfido or Dow Jones. Moreover, a more effective process of integrating with local regulatory services is that almost all countries have their own solutions (such as NemID, BankID, MyInfo, BeID, etc.), so it takes months (at most) to develop customized IT systems.
As responsible for the customized induction and customer certification (KYC) settings of the Danish bank and trading platform Saxo Bank, Mikkel Skarnager, the founder and CEO of HelloFlow, has realized the vision of creating a low digital barrier solution for all financial enterprises, regardless of size, market or resources.
Mikkel Skarnager said: “Obviously, it is meaningless to repeat the same thing in other institutions after the establishment of two years for Castle Bank.” “Because I want to think about these institutions in a new way, what I want to do for financial institutions is no less than what Webflow does in web design, but I should pay attention to abide by KYC and AML regulations.”
Before serving as Saxo Bank, Mikkel developed the Nets Group authentication service NemID “standing across the table”. Co founder and chief technology officer of HelloFlow Ciprian Florescu, whose co founder has a deep understanding of building regulatory services.
Before investing in HelloFlow, Alexander Viterbo Horten, the investment director of PreSed Ventures, was particularly impressed by the experience of the two founders.
“The whole team of PreSeed Ventures and I have been impressed by Mikkel and Ciprian since the first meeting. Their relevant experience, especially Mikkell’s insight into building customized solutions for Castle Bank, not only makes them very suitable for the entrepreneur market, but also advances as a team at an incredible speed, increasing high-level execution technology.” Command “.
PreSeed Ventures invested $1.6 million in HelloFlow, a Seedcamp company. Previously, the two also jointly invested in Danish startups such as Pentona Dream Data.
For new investments, Seedcamp partner Tom Wilson ; HelloFlow’s plug and play solution has really changed the rules of the game for customers to enter the company, enabling the company to quickly build processes without having to customize code. We are glad to have the opportunity to work with Mikkel and Ciprian to help the company bid farewell to slow customers. ”
As a new capital, HelloFlow plans to accelerate product development to expand the progressive capabilities of the platform. In addition, the company’s goal is to provide a complete induction solution for the legal services and accounting industries, thereby surpassing the financial industry.
