B2B fintech startup Sikoia, which provides customer onboarding and risk assessment data to financial institutions, has raised $6m (£4.9m) in a seed funding round.
Sikoia has created a customer dashboard that centralises the financial and identity dataset for clients, with the goal of streamlining verification and monitoring.
Its founders launched the startup in 2020 with the goal of streamlining the onboarding and risk assessment process for financial institutions.
Sikoia uses unified data – a process to bring disparate data sources into a single view – with the aim of reducing company costs and resources.
“Besides assessing consumers applying for financial products, many Sikoia customers also onboard and verify international business clients,” said Alexis Rog, Sikoia’s CEO.
“They need to assess information from multiple public and private data sources, covering the corporate entity itself as well as the directors, shareholders and associated entities.”
Rog said this often results in “poor customer experience and unnecessary operational costs”.
The seed round was led by MassMutual Ventures and featured participation from Coalition Capital, Earlybird, and Seedcamp.
“Sikoia’s platform is set to transform financial institutions’ client management throughout the lifecycle – especially onboarding, underwriting and ongoing monitoring – streamlining risk and compliance processes, and measurably improving financial performance,” said Ryan Collins, managing partner at MMV.
“Sikoia’s extensive identity and financial data coverage is well-suited to complement and enhance our own business verification efforts. We are delighted to bring Sikoia to the MassMutual Ventures ecosystem.”
The new funding follows a pre-seed round last year, bringing the total amount raised by the company to $8.3m (£6.8m).
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