Duna, an Amsterdam-based FinTech company, has secured €10.7m in seed funding to accelerate its mission of transforming how businesses manage identity compliance.
The round was led by Index Ventures, with participation from a mix of prominent Silicon Valley and European investors.
These included tech angels such as Adyen co-founder Pieter van der Does and former Stripe executive Claire Hughes Johnson. Puzzle Ventures’ Gloria Bauerlein also backed the round.
The fresh capital will help Duna evolve its platform into a shareable business identity network, aiming to make identification between enterprises as easy as a couple of clicks. The company said its technology has already helped clients see onboarding conversion rates increase by 38% within six months.
“Business onboarding used to be a cost centre for Plaid. Now, it’s a revenue driver thanks to Duna’s intuitive onboarding flows, compliance automation, and high-end UX,” said Zak Lambert, Plaid’s VP EMEA.
“Identity remains one of the internet’s largest unsolved problems,” Duna founder Duco van Lanschot said. “In 1993, The New Yorker published an iconic cartoon featuring two dogs. One sits in front of a computer, saying to the other: On the Internet, nobody knows you’re a dog. Ever since, little has changed. Identity remains tied to legacy systems resulting in billions lost to fraud, friction, and fines. We built Duna to fix that.”
“In a fast-moving AI landscape, we generate flawless images without a camera and draft legal arguments without a day in law school. Yet when it comes to business identity, we’re still stuck in the era of spreadsheets. Duna helps businesses drive historically paper-heavy compliance analysis without requiring manual work,” Duna founder David Schreiber said. “We’re building a future where businesses do have digital passports – so businesses can identify themselves instantly, securely, and universally.”
Pieter van der Does, Adyen co-founder and CEO, serves as an advisor to the company. “There are many similarities between the level of complexity Duna set out to solve and what motivated us when starting Adyen,” he said.
Index Ventures partner Jan Hammer said, “Duna has an exceptional team with talent from the likes of Adyen, Stripe and Spotify. We’re thrilled to partner with David and Duco as they not only re-imagine business onboarding but also pursue their vision to become the global identity network. We know they’re poised to redefine an industry long overdue for change.”
Gloria Bauerlein, from Puzzle Ventures, added, “I invest as much in an idea as in talent. It’s been years since I’ve known David and Duco, and the question was never if, but when they would start an industry-defining company.”
No previous fundraising rounds have been disclosed by the company.
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