Digital identity verification startup ZignSec smashed it when it debuted on Nasdaq First North on Monday.
The RegTech company’s share prices jumped by 64% to 8.70 SEK (£0.7) during the day, according to Dagens Industri, the Swedish newspaper.
Jonas Ingelström, CEO at ZignSec, has recently said that the company is looking to become a world leader in the digital identity industry.
In 2018, the company had a turnover of two million SEK (£160,000). It has already topped that in the first six months of 2019. During that period it had a turnover of three million (£240,000).
However, the company is facing some stiff competition. For instant, Canada-based identity verification company Trulioo raised $52.8m in its Series C round in September. With that round, the RegTech startup had raised a total of $96.6m.
Just like ZignSec, Trulioo had international ambitions and planned to use the new capital to go into new markets.
Both ZignSec and Trulioo will have to deal with the competition of other companies in the sector as the mobile digital identity market is expected to be worth $7bn by 2024.
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