Identity verification can be a tedious process, but there are several companies looking to keep things simple. One of those companies is ID-Pal, which offers its customers an easy way to verify identities. It is automated and secure, and it has a high first-time pass rate that eliminates frustration from the process. Now, with $7 million (€7 million) in additional funding, the company plans to continue growing and helping more businesses verify the identities of their customers. You can find out more about the company and its plans below.
ID-Pal, the global identity verification provider, today announced a €7 million (£6 million) Series A funding round to further fuel expansion into international markets.
The round was led by Inspire Investments with confidence shared by Act Venture Capital who have now participated in ID-Pal’s last two rounds. Inspire Investments is led by Derek Delaney, CEO of Waystone, and is the private holding company for the management of Waystone.
This new wave of funding will allow the Dublin-based identity verification company to further scale its global sales and marketing efforts to meet the growing demand for the solution following its official UK launch earlier this year.
ID-Pal’s Series A comes off the back of a significant period of growth with both employee and customer count doubling over the past 12 months. The company has achieved success internationally in both the SME and enterprise space. Customers include One4all, Zurich, Elavon, Trident Trust, BDO, American National University, and the recent J.P. Morgan-acquired Global Shares. Along with a host of strategic partnerships with market-leaders like HID Global, RiskScreen, Sherpa Technologies, Temenos and Vesta, ID-Pal’s funding further seals its reputation as one of the leading identity verification providers operating in the market.
As the need for identity verification expands across jurisdictions and industries, ID-Pal is uniquely positioned to help any business simplify anti-money laundering (AML) and Know your Customer (KYC) compliance, solving a critical challenge that has long been a costly, inefficient, and manual process.
ID-Pal gives businesses a simple, secure, and convenient way to verify the identity and address of customers. The ISO 27001 certified solution performs document verification, facial matching, liveness testing and address e-verification in real-time. It offers industry-leading accuracy with General Data Protection Regulation (GDPR) compliance built in, all while delivering a seamless experience for the end user.
Colum Lyons, CEO and Founder of ID-Pal, comments:
“Raising €7 million in Series A funding is a milestone achievement for our company and a testament to the product the team has built. ID-Pal identified a clear gap in the market in 2016 that traditional providers were not serving. We designed a solution that brings agility, convenience, and compliance to businesses of any size. Whether you are an SME or enterprise client, our global coverage and seamless user experience stands out from what other providers offer.
The faith in our product shown by Inspire Investments and long-time champions of ID-Pal, Act Venture Capital, signals their confidence in the trajectory that we are on.”
On investing, Derek Delaney of Inspire Investments said:
“I first saw the opportunity in early 2019 and what struck me then was the strength of the CEO and the calibre of the initial team.
We believe a good product is secondary to leadership, but across the first seeding round we saw the product go from strength to strength and by the time the third round came the strength of the product, management and clients were all on a par.
As such, the five Waystone management who have been invested in ID-Pal across multiple rounds felt we could confidently present the full Series A to our colleagues. Something we have never done and would not without this level of certainty. 35 colleagues subscribed and these are all people who understand the AML/KYC world. We look forward to seeing Colum lead this incredible journey”.
With exponential adoption of the ID-Pal solution both in the UK and internationally and the global risk of identity fraud, closing the Series A funding round allows the company to continue to expand into new markets and empower more businesses with simple, secure, and convenient identity verification.
Founded in 2016, ID-Pal is an award-winning ISO 27001 certified identity verification solution that enables businesses to verify identities and addresses in real-time. Offering a unique blend of industry-leading biometric, document and database checks to streamline AML and KYC in one GDPR compliant solution, it is available out-of-the-box, as an API/SDK and as a Salesforce AppExchange integration. Headquartered in Dublin and backed by Enterprise Ireland, ID-Pal offers global identity verification coverage of more than 6000 identity documents and 200 verified address data sources to enterprise clients and SMEs across 200 countries and jurisdictions.
ID-Pal is the winner of Best Customer Facing Experience in the 2021 PAY360 Awards and the IT & Fintech Irish Times Innovation Award in 2022.
Act Venture Capital is an early-stage venture capital firm that partners with founders starting out, and established teams scaling their growth. We have raised €600m across multiple funds to support this goal. We look for innovative, category-defining companies in large markets. We help founders build and scale these companies by leveraging the experience of backing over 200 founders. https://actventure.capital/
The original press release can be found on ID-Pal’s website.
This post was last modified on July 11, 2022 4:05 pm
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