From our own experience investing in many startups building in financial services, we know only too well that ongoing due diligence (ODD) tends to be a manual and inefficient process, even more so for companies that must adhere to rules and laws across different markets. Fortunately, some new approaches and solutions go beyond seeing ongoing due diligence as a mere cost center. They enable compliance professionals to use ODD for regulatory purposes and also to scale their businesses into commercial success.
This is why we are excited to back spektr‘s mission to change ongoing due diligence processes in the financial sector. The Copenhagen-based fintech is founded by a team of experienced serial entrepreneurs, including CEO Mikkel Skarnager, Ciprian Florescu, Jérémy Joly, and Jan-Erik Wagner. We are especially delighted to be working with Mikkel and Cip again, having backed their first startup HelloFlow in 2021 (sold to Canadian company Trulioo in 2022). They’ve assembled a dream team that spent years building simple, easy-to-use, solutions to complex problems at HelloFlow and subsequently Truiloo. We firmly believe they have the ideal combination of skills and experience to build a market-defining company with spektr.
Spektr’s customizable, no-code platform offers financial companies an automated solution for client monitoring and risk control while completely automating all parts of the ongoing due diligence cycle. Recognizing the exponential growth of the compliance field globally, spektr aims to simplify risk-based monitoring with an automation-focused platform that does not require specialised IT skills for the user.
Spektr’s four main solutions provide the ability to:
- Create automated risk assessment for informed decision-making;
- Easily build monitoring setups that capture changes, categorise risks, and autonomously resolve issues in real-time, for proactive responses to emerging threats;
- Orchestrate vendor integration by adding external data vendors and verifying customers against certified providers and automatically enriching their risk profiles; and
- Solve alerts automatically by identifying actionable use cases and designing automated resolutions for immediate implementation.
These solutions help customers:
- Unlock growth through easy and fast deployment, process automation and commercial data modeling;
- Maximise client lifetime value with instant and automated client communication, continuous monitoring; and
- Boost operational efficiency through easy and fast deployment and data vendor orchestration.
Co-founder and CEO Mikkel Skarnager highlights:
“With the spektr platform, we can make ongoing due diligence an efficient function with commercial value for companies rather than being a costly expense. When looking at the explosion in the number of employees and expenses, I am convinced that there is great potential in making compliance a better business.
“We’re off to an incredible start, thanks to both the platform and the generous support from our investors. This journey brings back memories of our success with HelloFlow, but this time, we’re aiming for something even bigger and long-lasting.”
On why we invested, our Partner Tom Wilson comments:
“We’re delighted to have the opportunity to back Mikkel and Ciprian as they go again with spektr. The HelloFlow journey gave us a taste of the market-leading products they can build and we’re excited to see where they can take spektr, building on that experience.”
We are excited to participate in spektr’s € 5 million round, alongside our friends at Northzone and PreSeed Ventures.
For more information, visit spektr.com.