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Tuesday 14 May 2019

The ID Co looks to verify its credentials with £2m boost

idcoScottish vendor, The ID Co., has secured $2m in funding from a group of investors including Amadeus Capital, SixThirty and others. The Edinburgh based FinTech, supports the onboarding process by using Open Banking standards to verify personal information. The approach helps clients to improve the efficiency of onboarding customers and employees, by accelerating the process and helping to reduce fraud and other related risks.

The ID Co. was founded by James Varga in 2010. The company is an FCA authorised AISP (Account Information Service Provider) in the UK and currently has around 30 companies using its tools, including Clydesdale and Yorkshire banks. Customers are mainly (but not exclusively) financial service providers, such as retail banks and online lenders. The company has two main offerings built around the Open Banking standards, DirectID Insights and Income Verification. As well as verifying account information, the products assess the affordability of credit.

The investment is the first commitment from Amadeus Capital’s new “Early Stage” fund and was led by prolific technology investor, Nick Kingsbury, who joined the partnership last year. The ID Co. is an interesting proposition and the company hopes to capitalise on the drive to improve the overall customer experience in financial services. The ID verification space has seen a fair bit of activity of late (see: id verifier Onfido verifies another $50m funding round) and it will be interesting to see whether the latest cash injection will enable the ID Co. to successfully build scale against its rivals in this competitive sector.

Posted by Jon C Davies at '07:00' - Tagged: funding   startup  

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