French business banking firm Qonto taps Fourthline for onboarding tech
Qonto, the French business banking fintech for SMEs and freelancers, has selected Fourthline’s onboarding technology to help streamline and strengthen the onboarding process for customers in France, Spain and Italy.
Qonto taps Fourthline for onboarding tech
Founded in 2017, Dutch compliance regtech Fourthline claims its technology enables financial service providers like Qonto to conduct automatic know your customer (KYC) and anti-money laundering (AML) checks during customer onboarding while adhering to the differing local compliance requirements across Europe.
Qonto will use Fourthline’s regtech to confirm the authenticity of identity documents, electronic signatures and biometric data of new customers.
In an attempt to stamp out any potential fraud, it will also adopt Fourthline’s optical character recognition (OCR) model to detect active manipulation of its system.
Qonto, which offers business accounts, invoice management, bookkeeping and expense management services, currently claims to work with more than 400,000 European businesses.
The fintech unicorn has so far raised €622 million in funding globally, including a €486 million Series D last year.
Meanwhile, Fourthline secured €50 million in funding back in April this year from Finch Capital and other institutional investors.
Speaking on its expanded relationship with Qonto, Fourthline’s co-founder and CEO, Krik Gunning, says that the evolution of regulations on a country-by-country basis has led to “ever increasing complexity” for the international banking and fintech community.
“The French market is a prime example of how updated regulations require a futureproof partner,” Gunning says. “Fourthline’s single API slashes this complexity by offering all the building blocks required to comply with local regulations, providing peace of mind to our clients when local regulations change.”
