Neotas, a UK-based provider of online due diligence for banks and financial services firms, has been selected by Dutch banking giant ING to join its FinTech accelerator in Brussels.

The onboarding platform was chosen from among 350 companies worldwide to join ING Labs Brussels, which aims to fast track new fintech solutions for ING and its customers.

ING’s Labs, formerly known as FinTech Village, has so far helped 30 companies to bring new tech solutions to market.

Neotas’ platform analyses a company’s or an individual’s ‘digital footprint’ through publicly available information or ‘open sources’, such as the deep or dark web, and aims to provide advanced insights without invading an individual’s privacy.

It helps banks and financial institutions to comply with Anti-Money Laundering (AML) rules or the Senior Managers & Certification Regime (SMCR) or carry out pre-investment checks.

Its intelligence platform is powered by artificial intelligence and the company has partnered with the University of Essex’s Language and Computation Group to help develop its proprietary technology and natural language processing capabilities.

Founded in London in 2017, Neotas has helped over 80 firms across the financial services sector to protect their reputation, manage risk and comply with the latest regulatory obligations.

Vipul Mishra, chief executive and co-founder of Neotas, said: “Our involvement comes at a time when we are expanding our operations globally and will provide us with unrivalled access to the knowledge and networks needed to help us scale faster.

"Our mission is to make online due diligence readily available to all and in today’s digital era, now is the time to disrupt the market.”

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