Moniflo locks down security and compliance with Okta

Scaling securely with strategic investments

Investment app Moniflo is on a mission to make money matter by helping people find investment products that align with their values. With its clients’ security as its top priority, Moniflo set out to build a secure-by-design product that people could feel safe investing in. As an emerging business in Europe’s highly regulated financial industry, Moniflo must also adhere to various regulatory requirements for Customer Identity and Access Management (CIAM) and compliance.

However, building strong, scalable, secure systems isn’t easy — especially for startups — and Moniflo’s lean team lacked the resources and expertise to build Identity in-house. To scale quickly and launch a product that customers could trust, Moniflo sought a trusted CIAM partner that would protect users with best-in-class security features.

Balancing user experience, compliance, and security

Moniflo began exploring external providers that could support a secure-by-design app with features like Multi-Factor Authentication (MFA), and allow the team to purpose-build its product to comply with industry standards. This would empower Moniflo’s engineering team to focus on providing business value to customers and bringing new products to market, rather than maintaining Identity.

The team identified Okta Customer Identity Cloud (CIC) as a strong contender for Okta’s reputation as a leader in the Identity space and that it is trusted by a breadth of global brands. The platform’s extensibility allows Moniflo to scale quickly and add new features without taking resources away from its core business. This offers the best combination of pricing and functionality to support Moniflo’s security and compliance requirements. With its robust support, full range of security features, and Financial Grade Identity™ platform, Okta CIC lays the foundation for solutions that meet regulatory compliance and enable consumer trust.

Evolving authentication with Okta Customer Identity Cloud

Working with regulators to implement a solution that aligns with industry standards, Moniflo set up high-assurance, stable login with CIC, and implemented MFA using biometrics and step-up authentication when users request access to sensitive information. These features allow Moniflo to deliver more secure and seamless authentication experiences, while purposefully maintaining compliance with data protection laws. Meanwhile, robust Attack Protection features such as Bot Detection, Breached Password Detection, and Suspicious IP Throttling provide deeper layers of security to customer accounts.

Moniflo’s IT operations team also benefits from improved visibility into daily activity through CIC’s comprehensive dashboards. In addition to detecting unusual behaviour and suspicious login attempts, Okta helps the broader team understand user behaviour starting at registration, helping optimise Moniflo’s acquisition and onboarding strategy. Okta CIC also accelerates development with pro-code and no-code solutions like Actions. Rather than limiting developer flexibility, Actions enables Moniflo’s team to easily customise Identity flows without requiring heavy investment in building large code bases. By leaving Identity to Okta, Moniflo can now focus on delivering better investment products for its clients and has even saved on hiring an estimated three full-time employees in the development and maintenance of CIAM.

About Moniflo

At Moniflo, we give you the tools to grow your wealth while supporting the causes that matter to you. Our platform is transparent, free from trading fees, and offers a range of funds that align with your personal values—whether environmental, social, or ethical. Moniflo is more than just an investment tool—it's a movement towards a future where finance and values go hand in hand.