Identity verification software developer Parallel Markets has collected $7m for its Series A round.
With the capital, the company plans to issue the world’s first regulatory-compliant on-chain identity token. It also plans to give users greater control to the access of sensitive identity data.
Union Square Ventures served as the lead investor, with commitments also coming from Comcast Ventures, Eniac Ventures, Lux Capital, RiverPark Ventures and Supernode Ventures. As part of the deal, Union Square partner John Buttrick will join the Parallel board of directors.
Parallel Markets flagship solution is Parallel Passports, a portable digital identity solution that handles KYC, AML, customer due diligence and investor accreditation requirements. Tens of thousands of investors are using this technology across 50 financial institutions.
Its mission is to help investors access financial products and platforms in a seamless manner, whilst keeping control over their data.
Buttrick said, “Parallel Markets, our newest investment, believes that the future of identity verification for financial services should be digital and portable. The ‘passport model’ is one that has long interested us in keeping with our thesis around identity, network effects and user control.”
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