The funding round was led by global VC Index Ventures with participation from German VC Puzzle Ventures. The round also saw participation from several investors, including Frank Slootman, Mariette Swart, David Singleton, Akshay Kothari, Ethan Tandowsky, Alexandre Prot, Claire Hughes Johnson, Adriaan Mol, Frederick Reynolds, Jean-Charles Samuelian, and Guillaume Princen.
Know Your Customer (KYC) and Know Your Business (KYB) verify the identity of both individual and business customers to prevent money laundering, fraud, and other financial crimes. These tools become mandatory for companies in regulated industries, such as finance and insurance. Additionally, marketplaces that manage users' funds are also required to comply.
These processes are both time-consuming and prone to errors, requiring the verification and authentication of various personal details and business documents, sometimes across borders, as well as continuous monitoring of users over time. They are still primarily carried out manually by dedicated teams.
Duna stated that it is developing software focused on business identification, automating the process, and enabling companies to onboard enterprise customers more effectively.
The startup already has a team of nearly 20 members and is working with several customers, including US fintech Plaid, Spanish platform SeQura, and Dutch bank Brand New Day, while increasing regulation such as AMLD5/6, PSD2/3, DAC7, DORA, and the Supply Chain Transparency Act. Its business model is based on both subscriptions and variable costs.
In the coming period, the firm will establish a global network of shareable identities, allowing businesses to have a digital passport that enables immediate identification across various platforms.
Juniper Research found that the number of digital identity verification checks surpassed GBP 70 billion in 2024, growing by 16% compared to the previous year’s total of GBP 61 billion. Given the increasing trends in identity verification, Dona aims to build a global network for a shareable business identity that will create a 'digital passport' for firms to enable swift and secure transaction verification.
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