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April 12, 2019

Amsterdam-based fintech exports ‘know-your-customer’ to Germany and France

Amsterdam-based fintech company Blanco will bring its technology platform for financial service providers to France and Germany. The company is raising new growth money to strengthen its position in two countries.

Blanco provides asset managers and banks with an investment platform based on cloud technology, including for the registration and risk profiling of asset management clients, but also for matters such as identifying account holders via facial recognition.

The company has now sold its system to forty Dutch and Belgian asset managers and financial institutions. The start-up focuses on a segment that is increasingly dealing with regulators.

In the fight against money laundering and counter-terrorism, these companies need to better identify who they are doing business with. Blanco has greatly simplified the so-called know-your-customer procedure.

“Supervisor DNB requires every financial service provider to carry out remedial actions.” Existing customers also have to go through the verification process again. “You can organize such a process yourself and invest a lot or buy it off the shelf,” says Blanco founder Joost Walgemoed.

Just Eat and satellites

Now that Blanco has a strong position in the Netherlands and Belgium, it wants to focus on neighboring countries. The Dutch Founders Fund, which previously invested in delivery service Just Eat, the satellite start-up Hiber and the appointment platform Treatwell, will take on the major part of the investment, totaling € 2 million. Existing shareholders Volta Ventures and KBC Start IT Fund also participate in the last round.

Blanco was founded by several former BinckBank employees and has been active in the asset management administration market since 2015. Binck co-founder Kalo Bagijn joins Blanco’s advisory board.