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[Funding alert] Copenhagen-based Meo Raises €1.67 Million in Funding

Mar 5, 2024 | By Startup Rise EU

Copenhagen-based Meo raises €1.67 million in funding for increased growth and expansion in Europe – expanding clients beyond the traditional banking sector to VCs and law firms.

Copenhagen-based Meo raises €1.67 million in funding for increased growth and expansion in Europe – expanding clients beyond the traditional banking sector to VCs and law firms.

The remaining €1.67 million is derived from a €1 million loan from the Swedish growth & lending platform Gilion and a fresh financing round from current investors Scale financing and EIFO Ventures.

Read also - Utrecht-based CryoCloud Secures €500k in Pre-Seed Funding

Meo's goal is to strengthen the Internet economy's trust foundation. The business assists compliance teams in regulated industries with client verification and risk mitigation (financial, reputational, and legal).

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Christian Visti Larsen, Founder at Meo said, “We continue to see a growing demand for our platform and constantly hear about more companies looking for a comprehensive compliance solution allowing end-users to verify their identity easily and securely across businesses, With the latest capital injection, we will build on our existing momentum to expedite growth in our new markets, ramp up on sales, and expand our customer base”.

Meo has already onboarded hundreds of firms to support their compliance and Anti-Money Laundering activities since launching the first version of the software in 2015. Through partnerships with organizations like CreditSafe, Danish e-Boks, Thales Group, and Swedish BankID, the company has also established a full ecosystem of verification, enriching APIs, and reliable communication routes.

Oliver Enevoldsen, Investment Manager at Gilion said, “Meo has created a compelling and easy-to-use platform in a complex environment – marrying great technical ability and first-hand industry expertise, The company has and continues to demonstrate robust, sustained, and predictable growth. And as they’re ready to expedite growth and expand their pool of customers in Europe, we are pleased to be able to help finance the company’s next chapter.”

Meo has experience growing their fan base to further their cause. In 2020, Scale Capital and EIFO Ventures, two Danish institutional investors, contributed DKK 12.5 million to the company's capital investment round.

Jakob Ellehauge Sode, Senior Portfolio Manager at EIFO said, “From the very beginning, EIFO has proudly supported Meo with both equity and debt financing. Meo operates in a field that requires more and more attention, and we believe that the company has an important role to play in the future, Bringing Gilion on board not only provides more capital to Meo’s growth plans, it also indicates the tech startup community that it is possible to attract debt from market players. We expect to see more similar financial collaborations when it comes to financing the growth of promising software companies”.

About Meo

Meo, led by CEO Christian Visti Larsen, was established in 2015 and has developed a user identification platform that enables end users to safely and conveniently authenticate themselves across companies.

Read also - Cayman Islands-based Ether.fi Secures $23Million in Series A Round Funding

The platform also addresses the regulatory obstacles that financial institutions must overcome, particularly in relation to the General Data Protection Regulation (GDPR) and the European Anti-Money Laundering (AML) regulation, among other pertinent regulatory laws.

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