Bits, a Stockholm-based provider of compliance and onboarding infrastructure for regulated fintech firms and banks, has raised €12 million in Series A funding.
The round was led by Alstin Capital, with participation from Cherry Ventures, Unusual Ventures and Alliance Ventures. Haval van Drumpt, chief executive of Tre Sweden, also invested.
The company will use the funding to increase automation across financial crime and fraud workflows and to expand coverage of regulatory and data sources across Europe.
“Our customers need to scale, convert, and remain compliant at the same time,”
said Jonatan Klintberg, Chief Executive and Co-Founder of Bits.
“By unifying onboarding, fraud, and AML workflows in a single platform, teams gain the speed and control needed to expand across Europe.”
Bits was founded in 2022 by former employees of Klarna, AWS and Tink. The company provides a compliance infrastructure platform that supports KYC and KYB workflows in more than 100 jurisdictions.
The platform connects to company registries, beneficial ownership data, sanctions and PEP lists, and fraud signals through a single integration.
Bits says its software can reduce manual case handling by 50–70% and cut onboarding times by up to six times, while allowing human reviewers to focus on higher-risk cases.
Customers include Qliro, Alisa Bank and Walley. The company plans to expand its presence in the DACH region and the UK.
Featured image credit: Bits
