Irish RegTech ID-Pal collects €7m investment

Ireland-based global identity verification provider ID-Pal has collected €7m in its Series A funding round, as it bolsters its expansion into international markets.

Inspire Investments served as the lead investor, with commitments also coming from Act Venture Capital.

With the funds, ID-Pal plans to bolster its global sales and marketing efforts to meet the growing demand for its services.

Its clients include One4all, Zurich, Elavon, Trident Trust, BDO, American National University and more.

This Series A comes after a strong year of growth. ID-Pal launched its services in the UK and doubled its total employee and customer count.

Founded in 2016, ID-Pal helps companies simplify anti-money laundering and know your customer compliance by removing manual processes. Its ISO 27001 certified solution supports document verification, facial matching, liveness testing and address e-verification in real-time.

The platform also boasts “industry-leading” accuracy with GDPR compliance built in.

ID-Pal CEO and founder Colum Lyons said, “Raising €7 million in Series A funding is a milestone achievement for our company and a testament to the product the team has built. ID-Pal identified a clear gap in the market in 2016 that traditional providers were not serving.

“We designed a solution that brings agility, convenience, and compliance to businesses of any size. Whether you are an SME or enterprise client, our global coverage and seamless user experience stands out from what other providers offer.

The company previously raised €1m in a funding round back in September 2020.

Earlier in the year, Ireland got its latest unicorn company. Wayflyer, a revenue-based financing and growth platform for e-commerce businesses, secured a $150m Series B round, which put its valuation at $1.6bn.

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