[Funding alert] Copenhagen-based Spektr Secures €5 Million in Funding

Read also - Edinburgh-based PhaSER Biomedical Secures $2.3Million in Funding

Set to make a big impact on the industry, spektr is a platform created to make compliance activities, which have historically been quite expensive, more efficient and risk-aware. The platform from spektr provides financial institutions with an automated risk assessment solution that can be tailored to follow regulations in various regions.

Acknowledging the exponential growth of the compliance industry worldwide, wherein larger financial businesses are expected to spend $10k per person on compliance, spektr wants to streamline risk-based monitoring with an easy-to-use platform that does not require specialised IT knowledge from its users.

Read also - Berlin-based Monite Secures $6Million in Seed Funding

CEO Mikkel Skarnager said, “With the spektr-platform, we can make ongoing due diligence an efficient function with commercial value for companies rather than being a costly expense. When looking at the explosion in the number of employees and expenses, I am convinced that there is great potential in making compliance a better business, We’re off to an incredible start, thanks to both the platform and the generous support from our investors. This journey brings back memories of our success with HelloFlow, but this time, we’re aiming for something even bigger and long-lasting,”.

The core of spektr is an accomplished group of people who have built successful businesses, identified potential gaps in the due diligence market, and developed cutting-edge platforms. As a result, Northzone, PreSeed Ventures, and Seedcamp, three venture firms, have made sizeable investments to support spektr's early growth.

Read also - Bilbao-based WIVI Vision Secures €4 Million in Funding

Principal at Northzone, Maxine Rior, commented: “We are incredibly excited to partner with spektr. They are an exceptional team with a very clear product vision, and we believe they will be able to leverage their experience from HelloFlow to build spektr into a category-defining company within the compliance space.”

General Partner in PSV Tech01, Alexander Viterbo-Horten, added: “As one of the earliest investors in Mikkel and Ciprian’s first startup HelloFlow, I’ve been fortunate enough to get to know them very well. Their execution power and strategic understanding of the financial compliance market are profoundly impressive This makes spektr one of the best bets on a future unicorn out of Denmark. It’s a true testament to that, that we’re several investors from the first journey who decided to invest again.”

Partner at Seedcamp, Tom Wilson, said: “We’re delighted to have the opportunity to back Mikkel and Ciprian as they go again with spektr. The HelloFlow journey gave us a taste of the market-leading products they can build and we’re excited to see where they can take spektr, building on that experience.”

About Spektr

Spektr, where revenue growth and compliance collide. Their technology offers an automated solution that streamlines your continuous cycle of due diligence in every way. spektr increases operational efficiency and increases conversion rates for your company by automating crucial (and frequently laborious) operations like risk management, customer monitoring, and renewals.

Read also - Paris-based Planity Secures $50 Million in Series C Round Funding