Anthropic and OpenAI, two prominent companies in the AI industry, are often seen as rivals. However, a common thread between them is their connection to Stripe, a fintech company known for producing successful founders. Daniela Amodei and Gregory Brockman, presidents of Anthropic and OpenAI respectively, are both alumni of Stripe, highlighting the company’s reputation as a “founder factory.”
The latest success story to emerge from this network is Duna, a business identity verification startup based in Germany and the Netherlands. Co-founded by Duco van Lanschot and David Schreiber, both former Stripe employees, Duna recently secured a €30 million Series A funding round. This investment, led by Alphabet’s growth fund CapitalG, positions Duna as one of the best-funded European startups associated with the “Stripe mafia.”
Duna’s core focus lies in helping fintech companies streamline their business customer onboarding processes. By providing efficient solutions for corporate ID checks and fraud prevention, Duna aims to reduce churn and improve overall customer experience. Notably, the startup counts Plaid among its clientele, showcasing its appeal to industry leaders.
While Stripe is not a direct customer of Duna, the startup has garnered support from key figures within the fintech giant. Angel investors include Stripe’s COO Michael Coogan and former executives David Singleton and Claire Hughes Johnson. Even rival company Adyen has shown interest in Duna, with executives Mariëtte Swart and Ethan Tandowsky joining as angel investors.
Van Lanschot’s strategic vision for Duna involves building a global trust infrastructure that enables seamless verification processes across different platforms. This ambitious goal has caught the attention of investors like CapitalG, who see potential for network effects and scalability in Duna’s business model.
In a competitive landscape filled with KYB (Know Your Business) vendors like Jumio and Veriff, Duna sets itself apart by generating its own data rather than relying on existing sources. This approach, according to CapitalG’s Alex Nichols, presents a unique opportunity to redefine foundational processes like identity verification.
As Duna continues to grow, its focus on targeting small clusters of interconnected companies demonstrates a strategic shortcut to achieving scale. By leveraging these “patches of networks,” Duna can deliver immediate value to customers and pave the way for broader adoption of its services.
Looking ahead, Duna envisions a future where it serves as the backbone of an identity network, simplifying business onboarding processes akin to Amazon’s one-click checkout. With its roots in the Stripe ecosystem, Duna is poised to make a significant impact on the fintech industry and beyond.
