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ID-Pal, the worldwide identification verification supplier, at this time introduced a £6 million Sequence A funding spherical to additional gasoline enlargement into worldwide markets.
The spherical was led by Encourage Investments with confidence shared by Act Enterprise Capital who’ve now participated in ID-Pal’s final two rounds. Encourage Investments is led by Derek Delaney, CEO of Waystone, and is the non-public holding firm for the administration of Waystone.
This new wave of funding will enable the Dublin-based identification verification firm to additional scale its international gross sales and advertising and marketing efforts to fulfill the rising demand for the answer following its official UK launch earlier this 12 months.
ID-Pal’s Sequence A comes off the again of a big interval of progress with each worker and buyer depend doubling over the previous 12 months. The corporate has achieved important success internationally in each the SME and enterprise area. Prospects embrace One4all, Zurich, Elavon, Trident Belief, BDO, American Nationwide College, and the current J.P. Morgan-acquired International Shares. Together with a number of strategic partnerships with market-leaders like HID International, RiskScreen, Sherpa Applied sciences, Temenos and Vesta, ID-Pal’s funding additional seals its fame as one of many main identification verification suppliers working available in the market.
As the necessity for identification verification expands throughout jurisdictions and industries, ID-Pal is uniquely positioned to assist any enterprise simplify anti-money laundering (AML) and Know your Buyer (KYC) compliance, fixing a essential problem that has lengthy been a pricey, inefficient, and handbook course of.
ID-Pal provides companies a easy, safe, and handy option to confirm the identification and tackle of consumers. The ISO 27001 licensed answer performs doc verification, facial matching, liveness testing and tackle e-verification in real-time. It provides industry-leading accuracy with Common Knowledge Safety Regulation (GDPR) compliance inbuilt, all whereas delivering a seamless expertise for the tip consumer.
Colum Lyons, CEO and Founding father of ID-Pal, feedback: “Elevating €7 million in Sequence A funding is a milestone achievement for our firm and a testomony to the product the staff has constructed. ID-Pal recognized a transparent hole available in the market in 2016 that conventional suppliers weren’t serving. We designed an answer that brings agility, comfort, and compliance to companies of any measurement. Whether or not you’re an SME or enterprise shopper, our international protection and seamless consumer expertise stands out from what different suppliers provide.
The religion in our product proven by Encourage Investments and long-time champions of ID-Pal, Act Enterprise Capital, indicators their confidence within the trajectory that we’re on.”
On investing, Derek Delaney of Encourage Investments mentioned: “I first noticed the chance in early 2019 and what struck me then was the power of the CEO and the calibre of the preliminary staff.
We consider a very good product is secondary to management, however throughout the primary seeding spherical we noticed the product go from power to power and by the point the third spherical got here the power of the product, administration and shoppers have been all on a par.
As such, the 5 Waystone administration who’ve been invested in ID-Pal throughout a number of rounds felt we might confidently current the complete Sequence A to our colleagues. One thing we now have by no means executed and wouldn’t with out this degree of certainty. 35 colleagues subscribed and these are all individuals who perceive the AML/KYC world. We stay up for seeing Colum lead this unbelievable journey”.
With exponential adoption of the ID-Pal answer each within the UK and internationally and the worldwide threat of identification fraud, closing the Sequence A funding spherical permits the corporate to proceed to broaden into new markets and empower extra companies with easy, safe, and handy identification verification.
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