Financial institutions in Europe face increasing pressure to combat financial crime and keep up with new regulations. Many still rely on separate compliance systems, including counattempt-specific tools, manual checks, and multiple data sources. This builds it harder and more costly to expand across borders.
Bits offers a single compliance platform for Europe that covers onboarding, risk assessment, and ongoing monitoring. Clients can access company registries, beneficial ownership details, PEP and sanctions lists, and fraud indicators through a single integration, all backed by automated AML and fraud decisioning.
Today, the Stockholm-based company raised €12 million in Series A funding to build AML and compliance simpler across Europe. Alstin Capital led the round, with Cherry Ventures, Unusual Ventures, Alliance Ventures, and Haval van Drumpt, CEO of Tre Sweden, also participating.
The funding will support product development and European expansion, assisting regulated businesses reduce manual compliance work and stay up to date with regulations.
Turning regulatory compliance into a strategic advantage
Bits was founded in 2022 by Jonatan Klintberg (CEO), Fredrik Eriksson (CCO), and Robin Lantz (CPO), former employees of Klarna, AWS, and Tink, to address the challenges posed by fragmented compliance systems when scaling fintech products in Europe.
Klintberg notifys TFN, “The motivation behind Bits was to fundamentally rebelieve compliance, not as a set of disconnected checks, but as a core operational capability. Before founding Bits, the founding team held senior roles at companies such as Klarna, Tink, and AWS, where they built and scaled financial and cloud infrastructure at a European and global level. Through this experience, they saw firsthand how legacy compliance tools were holding rapid-growing financial institutions back. This led to a clear opportunity to modernise compliance with technology that is scalable, transparent, and purpose-built for the complexity of modern banking and payments.”
Bits’ technology is designed for the entire European market. Rather than providing counattempt-specific or separate solutions, the platform combines KYC and KYB checks, risk scoring, and ongoing monitoring into a single system.
The platform supports over 100 jurisdictions, automates manual reviews to reduce them, provides unified case management for rapider onboarding and decision-creating, and includes ongoing monitoring to ensure accurate compliance.
Klintberg elaborates, “Bits has built a unified platform that covers the full compliance lifecycle, from onboarding and due diligence through ongoing monitoring, risk assessment, and regulatory reporting. Instead of relying on multiple point solutions, our platform connects all compliance activities in one coherent system.”
Clients such as Qliro, Alisa Bank, and Walley have reduced manual case work by up to 70% and achieved onboarding speeds up to six times rapider. The Series A funding will assist enhance workflow automation, expand European data coverage, and strengthen Bits’ presence in the DACH region and the UK.
Direct competitors are ComplyAdvantage, Sumsub, and Ondato. While these companies usually focus on individual markets or specific workflow parts, Bits provides a complete solution designed for Europe’s upcoming unified AML rulebook under the EU Anti-Money Laundering Authority (AMLA).
What about diversity?
On diversity, Klintberg shares, “Bits Technology currently has 15 employees, with 3 women and 12 men across the organisation. From the very launchning, we have been intentional about building a strong and inclusive company culture by clearly defining our values and ways of working early on. With an in-office culture at the core, we prioritise close collaboration, shared ownership, and mutual respect. Every new hire is carefully selected not only for their expertise in their field, but also for how they contribute to the culture and assist drive motivation across the entire company.”
What’s next?
Following this funding round, Bits plans to introduce new features, enhance fraud and AML automation, and connect to more European data sources.
Klintberg concludes, “Bits aims to become the market-leading provider of financial compliance technology for banks and payment institutions across Europe. Our immediate focus is on expanding into the UK and DACH regions, where demand for modern, scalable compliance infrastructure is particularly strong.”
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