ID-Pal, the international id verification supplier, right now declared a £6 million Series A funding round to further gasoline enlargement into intercontinental markets.
The spherical was led by Encourage Investments with self-confidence shared by Act Undertaking Funds who have now participated in ID-Pal’s past two rounds. Inspire Investments is led by Derek Delaney, CEO of Waystone, and is the personal keeping enterprise for the administration of Waystone.
This new wave of funding will enable the Dublin-based mostly id verification enterprise to further more scale its world wide income and advertising and marketing initiatives to fulfill the escalating demand for the solution pursuing its official United kingdom start earlier this year.
ID-Pal’s Sequence A will come off the back again of a significant period of development with equally worker and client count doubling above the earlier 12 months. The firm has reached considerable achievements internationally in each the SME and company space. Consumers include things like One particular4all, Zurich, Elavon, Trident Trust, BDO, American Countrywide College, and the current J.P. Morgan-obtained World wide Shares. Together with a host of strategic partnerships with sector-leaders like HID Worldwide, RiskScreen, Sherpa Systems, Temenos and Vesta, ID-Pal’s funding even more seals its reputation as 1 of the leading id verification vendors working in the marketplace.
As the will need for identity verification expands across jurisdictions and industries, ID-Pal is uniquely positioned to support any enterprise simplify anti-funds laundering (AML) and Know your Shopper (KYC) compliance, fixing a vital challenge that has lengthy been a high-priced, inefficient, and manual approach.
ID-Pal presents firms a straightforward, secure, and effortless way to validate the identification and address of customers. The ISO 27001 qualified solution performs document verification, facial matching, liveness tests and tackle e-verification in real-time. It delivers marketplace-top precision with Typical Data Safety Regulation (GDPR) compliance developed in, all even though offering a seamless encounter for the end user.
Colum Lyons, CEO and Founder of ID-Pal, comments: “Raising €7 million in Series A funding is a milestone accomplishment for our corporation and a testament to the solution the staff has crafted. ID-Pal determined a clear hole in the market in 2016 that traditional suppliers ended up not serving. We developed a solution that brings agility, convenience, and compliance to companies of any measurement. Irrespective of whether you are an SME or company shopper, our world-wide coverage and seamless consumer encounter stands out from what other vendors give.
The faith in our products revealed by Encourage Investments and long-time champions of ID-Pal, Act Undertaking Funds, alerts their confidence in the trajectory that we are on.”
On investing, Derek Delaney of Encourage Investments claimed: “I 1st observed the opportunity in early 2019 and what struck me then was the toughness of the CEO and the calibre of the first staff.
We imagine a excellent solution is secondary to management, but across the to start with seeding spherical we saw the solution go from strength to power and by the time the 3rd round came the energy of the product or service, management and shoppers had been all on a par.
As such, the five Waystone administration who have been invested in ID-Pal throughout various rounds felt we could confidently existing the comprehensive Series A to our colleagues. Anything we have under no circumstances performed and would not without having this degree of certainty. 35 colleagues subscribed and these are all people today who recognize the AML/KYC world. We glimpse ahead to seeing Colum direct this extraordinary journey”.
With exponential adoption of the ID-Pal resolution both equally in the United kingdom and internationally and the international threat of identity fraud, closing the Series A funding round makes it possible for the company to proceed to expand into new markets and empower a lot more companies with straightforward, secure, and effortless id verification.