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Bits

Category: AI in Fintech

An AI-driven orchestration platform for customer and business identity that automates complex KYC, KYB, and AML compliance workflows through a single API. Bits was founded in 2022. The company is led by Jonatan Klintberg. Based in Stockholm, Sweden. Team size: 11-50. Total funding raised: €17.0M. Latest round: Series A. Key investors include ["Dawn Capital","Unusual Ventures","Cherry Ventures","Alliance Venture","Fin Capital"].

Founded
2022
Headquarters
Stockholm, Sweden
Team size
11-50
Total funding
€17.0M

Value proposition

Eliminates the 'compliance tax' by replacing fragmented manual processes with an automated, no-code orchestration layer that reduces onboarding friction and operational costs.

Products and solutions

["Customer Onboarding (KYC) Orchestration","Business Verification (KYB) Automation","Anti-Money Laundering (AML) & Sanction Screening","No-Code Compliance Workflow Builder","Unified Case Management Dashboard","Global Data Provider Marketplace/Integrations"]

Unique value

Acts as a 'single source of truth' and orchestration layer rather than a single-point verification tool, allowing firms to switch or combine data providers without rewriting code.

Target customer

Fintech startups, neobanks, payment service providers, and regulated financial institutions requiring scalable compliance infrastructure.

Industries served

["Fintech","Banking & Neobanking","Crypto & Web3","Insurance","Regulated Professional Services"]

Technology advantage

Leverages a high-pedigree founding team (ex-Tink/Klarna) to build a platform that combines deep fintech domain expertise with AI-driven automation to handle edge cases in identity verification that typically require manual intervention.

How they differentiate

Bits acts as a 'single source of truth' orchestration layer rather than a single-point verification tool. It offers a no-code workflow builder that allows fintechs to integrate and switch between multiple data providers through a single API, eliminating the need for custom code for every new market or compliance requirement.

Main competitors

["Alloy","Persona","ComplyAdvantage","Fourthline"]

Key partnerships

["Dawn Capital (Lead Series A Investor)","Unusual Ventures (Seed Lead)","Cherry Ventures","Alliance Venture","Integration partners including global IDV (Identity Verification) and AML data providers"]

Notable customers

["European Neobanks","Payment Service Providers","Crypto Platforms","Regulated Fintech Entities"]

Major milestones

["Founded in 2022 by former Tink and Klarna executives","Secured €4M Seed funding led by Unusual Ventures in April 2023","Launched no-code compliance orchestration platform in 2023","Raised €12M Series A led by Dawn Capital in February 2024"]

Growth metrics

Scaled team to 11-50 employees within 24 months; expanded product offering from basic KYC to full-stack KYB and AML orchestration.

Market positioning

European challenger in the identity and compliance orchestration space, targeting mid-market fintechs and regulated financial institutions.

Geographic focus

Primary focus on Europe (Nordics, UK, and DACH regions) with capabilities for global scaling.

Patents and IP

No registered patents disclosed; relies on proprietary software architecture and trade-secret orchestration logic.

About Jonatan Klintberg

Former VP Commercial at Tink (acquired by Visa for €1.8B) and Sales lead at Klarna. Expert in scaling fintech commercial operations and open banking infrastructure.

Official website: