B2B fintech Sikoia raises $6m to simplify client onboarding

London-based Sikoia has just raised $6m in seed funding for its onboarding and verification platform for financial institutions.

The round was led by MassMutual Ventures (MMV), with existing investors Earlybird and Seedcamp doubling down on their investment.

According to MMV, the platform is set to “transform financial institutions’ client management throughout the lifecycle”, streamlining risk and compliance processes for onboarding, underwriting and monitoring.

“Besides assessing consumers applying for financial products, many Sikoia customers also onboard and verify international business clients,” Sikoia CEO Alexis Rog said.

“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. This often results in poor customer experience and unnecessary operational costs.”

The capital brings the startup’s total funds raised to $8.3m including a pre-seed round from last year.

Sikoia also said it grew its client list and made a number of senior hires in 2022.

“Last year has been an exciting and transformative year for us. We scaled up the team, expanded our platform capabilities, and supported our ever-growing list of customers and marketplace partners,” Rog said.

The company will use the funds to accelerate its international expansion, develop “unique” technology and further its data coverage and workflow automation.