London-based scaleup Neotas has joined the EIT Digital Accelerator to take its business to the next level. An online due diligence provider for financial services, Neotas harnesses social media and hidden deep web information to deliver insights that dramatically reduce customers’ risk of fraud, money laundering and bad hires.
“Partnering with EIT Digital Accelerator is a superb opportunity and one we are very excited about”, says Vipul Mishra, Co-Founder & CEO of Neotas. “Having proven the value of our due diligence platform, we are ready to take the next step in our growth plan, which is expanding our offering to banks, financial institutions and other businesses across Europe. Our business has been growing steadily, and we look forward to EIT Digital helping us take it to the next level.”
Neotas uses a powerful blend of machine learning and natural language processing techniques to analyse a company’s or an individual’s ‘digital footprint’ through publicly available information or ‘open sources’, providing advanced intelligence while safeguarding privacy. It helps customers comply with anti-money laundering (AML) and Know Your Customer (KYC) rules, and to legally and ethically screen for bad actors during recruitment. Automation removes human-bias and reduces legal/ethical risk from corporate screening processes.
“EIT Digital is proud to be chosen by Neotas to support its European business growth objectives,” says Ben McClure, Access to Finance Lead at the EIT Digital Accelerator. “Neotas is absolutely ready for use in other markets in Europe, where businesses are under pressure to meet customer and employee onboarding regulations. We’re delighted to help Neotas raise the funds they need to fuel their expansion plans and acquire enterprise customers across Europe.”
Tighter national and EU regulations means European businesses must do more in-depth background checks on their customers and employees while simultaneously protecting their privacy. Neotas makes this job easier and safer, giving businesses access to the wealth of information available in today’s digitally interconnected world to ensure regulatory compliance and to protect their operations and investments.
Neotas is led by an ambitious, experienced team of technology and finance entrepreneurs. Founded in 2017, Neotas has already grown to more than eighty customers from across financial services. Flagship clients and partners include some of Europe’s most prominent banks and the world’s biggest private investigation and risk management organisations. Neotas was recently selected for ING Labs, chosen as a finalist in UBS Future Of Finance Challenge, and it also won a place on the Accenture Fintech Innovation Lab.
The EIT Digital Accelerator provides tailor-made growth support for European tech scaleups by helping secure international customers and raising capital. In 2019, the programme was recognized by the intelligence company UBI Global as a World Top Public Business Accelerator in the World Benchmark Study 2019 -2020, and ranked Top 4 Accelerator Brand in the Startup Heatmap Report Europe.