Payment risk specialists Onformonics raises €600k to fund European growth

PAYMENT risk specialists Onformonics has raised €600,000 to fund its European growth plans.

The investment was led by AIB Seed Capital Fund, which is co-managed by Dublin Business Information Centre (BIC), the enterprise development organisation. Additional funding was raised through Enterprise Ireland and private investors.

Onformonics was founded in 2008 by Conor McGoveran and Martin Petrov. It has built a strong customer base in Europe and has plans to expand into the Middle East, Africa and the US by the end of the year.

To support this growth, the company is recruiting 22 additional employees for its European headquarters in Dublin by 2013 to bring its total number of employees to 35.

Onformonics provides innovative risk management solutions to companies faced with the regulatory and industry compliance requirements of the financial services sector.

Customers include credit card processing companies, technology service providers, retail outlets and other organisations that process payments or hold sensitive and private customer information.

Conor McGoveran, founder and director of Onformonics, said, “Consumers and policy makers are now expecting increasing accountability and transparency from financial institutions and other businesses that hold confidential information and rightly so.

“This renewed vigour for compliance and governance presents an opportunity for Onformonics to continue to innovate new products and services which achieve the end goal of protecting valuable data.”