In the competitive landscape of Swedish fintech, staying ahead requires not just innovation but efficiency. For Finova, a growing fintech startup based in Stockholm, the challenge was clear: their due diligence process was taking too long, consuming valuable resources, and creating friction in their customer onboarding journey.
The Challenge
Finova's team was spending an average of 4-5 business days gathering and verifying company information before they could onboard new business clients. This process involved manual checks across multiple databases, requesting documents directly from clients, and cross-referencing information to ensure compliance with financial regulations.
"We were drowning in paperwork and database searches," explains Sofia Lindstrom, Finova's Compliance Officer. "The manual process was not just time-consuming but also prone to human error. We needed a solution that could streamline this entire workflow."
The Leggit.se Solution
After evaluating several options, Finova implemented Leggit.se's comprehensive company data platform. The key features that made the difference included:
- Real-time access to official company registry data
- Automated monitoring of company changes and alerts
- Comprehensive ownership structure visualization
- Integrated KYC/KYB verification tools
- API integration with their existing CRM system
The Results
Within the first month of implementation, Finova saw dramatic improvements:
- 75% reduction in processing time - Due diligence now takes just 1 business day instead of 4-5
- 60% decrease in manual data entry - Through API integration with their existing systems
- 30% increase in onboarding completion rates - Due to smoother client experience
- Zero compliance incidents - Enhanced verification process caught potential issues early
"What used to take our team nearly a week now happens in hours," says Marcus Ekman, Finova's CTO. "The API integration was seamless, and the data quality is exceptional. We're operating with greater confidence and efficiency."
Looking Forward
Building on this success, Finova is now expanding their use of Leggit.se's platform to include ongoing monitoring of their existing client base, using the webhook notifications to trigger automatic reviews when significant company changes occur.
"The real-time monitoring capabilities give us peace of mind," adds Sofia. "We're not just more efficient at onboarding; we're better at maintaining compliance throughout our client relationships."
This case study demonstrates how access to comprehensive, reliable company data can transform operational efficiency in regulated industries, allowing businesses to focus on growth rather than paperwork.