Fintech scale-up Onegini has received a capital injection of five million euros from venture capitalist and lead investor Walvis and the existing investors The Hatch Firm and InnovationQuarter. The Onegini platform offers enterprise solutions for secure omnichannel communication via digital channels such as web, mobile, chat and email. With over 45 million users, Onegini is the market leader in the Dutch financial industry with its Customer Identity and Access Management (CIAM) software technologies. The investment will be used for further technological development of the product and the international expansion in Belgium and Germany.
Digital transition
Onegini expects to double its revenue thanks to the capital injection. Ronald Kasteel, CEO at Onegini: “We see that insurers and pension funds in particular are working on a full digital transition and are investing heavily in this area. In order to be successful, one has to start with reliable digital registration and login for consumers, employers and advisors. This is becoming more complex for organizations because of increasing regulation and legislation, digital identity fraud, compliance and cybersecurity. The software investment will be focused on developing more analytical capabilities, gaining insight in digital identity fraud and simplifying the digital onboarding of customers.”
International expansion
Not only Dutch companies such as AEGON, CZ, Univé, Van Lanschot and VGZ are already using the Onegini platform. Companies such as Baloise, Bank of the West, CFG Bank and RBL Bank are international customers. With the recent opening of the new office in Munich, Onegini will service the German market, in addition to the Dutch and Belgian markets. To support growth, Aad Verveld – a former CFO of among others Bynder – joins the team as CFO. Hans van der Noordaa, former CEO of Delta Lloyd, joined as chairman of the supervisory board.
Opportunities for growth
Venture capitalist Walvis, founded by the J.A. Fentener van Vlissingen family, helps Dutch internet tech firms to grow. Vincent Gravesteyn, Managing Director at Walvis: “Onegini has loyal customers, a state-of-the-art software platform and excellent growth opportunities, looking at the digitization of the European financial industry. Walvis is looking forward to helping Onegini realize this growth, in collaboration with the management team and the fellow investors.”
