The ID Co. has pulled in $2m in seed funding, coming hot off the heels of two new product launches.
The RegTech received funding from European venture firm Amadeus Capital Partners, and seed stage-focused investor SixThirty, as well as a number of other unnamed backers.
With this fresh burst of funds, The ID Co. will look to extend its offerings into new sectors and international customers, while maintaining growth in existing markets.
The ID Co. aims to help businesses improve their customer onboarding by removing verification burdens. Its platform aims to lower risk, fraud, compliance and regulation challenges. Scotland-based ID Co. empowers companies and individuals to securely share their data with a third-party.
This funding has come shortly after the RegTech released its DirectID Insights and Income Verification tools which were both based around open banking.
Its DirectID Insights solution is an online decision tool for underwriters, fraud analysts, and credit risk officers, which requires no integration. By using open banking data, the platform can lower operational costs for businesses and unlocks information required for approving loans.
The verification solution uses six algorithms to provide detailed assessments of loan applications and additional insights such as supplemental income and whether the applicant’s income changes over time.
Amadeus Capital Partners partner Nick Kingsbury said, “The ID Co. is delivering real value to its clients. The application of Open Banking-based data allows financial providers to personalise their services and streamline and shorten lending processes. We are delighted to be supporting the company in solidifying its lead in the UK and expanding its international presence.”
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