ID-Pal, the international identity verification company, now announced a £6 million Sequence A funding round to even further gas growth into global markets.
The round was led by Encourage Investments with self esteem shared by Act Undertaking Capital who have now participated in ID-Pal’s final two rounds. Inspire Investments is led by Derek Delaney, CEO of Waystone, and is the private holding enterprise for the management of Waystone.
This new wave of funding will allow the Dublin-centered identity verification enterprise to even more scale its world wide sales and internet marketing initiatives to satisfy the developing demand from customers for the option pursuing its formal Uk start earlier this 12 months.
ID-Pal’s Series A arrives off the back again of a sizeable interval of growth with equally personnel and purchaser depend doubling above the past 12 months. The firm has attained important accomplishment internationally in each the SME and organization house. Consumers incorporate A person4all, Zurich, Elavon, Trident Have faith in, BDO, American Countrywide University, and the the latest J.P. Morgan-obtained World wide Shares. Together with a host of strategic partnerships with current market-leaders like HID Worldwide, RiskScreen, Sherpa Systems, Temenos and Vesta, ID-Pal’s funding more seals its standing as a person of the foremost identification verification suppliers functioning in the current market.
As the have to have for identification verification expands across jurisdictions and industries, ID-Pal is uniquely positioned to assistance any small business simplify anti-funds laundering (AML) and Know your Purchaser (KYC) compliance, solving a critical problem that has extended been a pricey, inefficient, and manual system.
ID-Pal provides businesses a basic, safe, and convenient way to validate the id and tackle of customers. The ISO 27001 accredited resolution performs document verification, facial matching, liveness screening and handle e-verification in genuine-time. It presents market-major accuracy with Normal Data Security Regulation (GDPR) compliance designed in, all while delivering a seamless experience for the close consumer.
Colum Lyons, CEO and Founder of ID-Pal, comments: “Raising €7 million in Sequence A funding is a milestone accomplishment for our corporation and a testament to the product or service the staff has designed. ID-Pal determined a obvious hole in the market in 2016 that classic companies had been not serving. We developed a alternative that brings agility, convenience, and compliance to enterprises of any size. No matter whether you are an SME or company customer, our international coverage and seamless person working experience stands out from what other companies offer.
The religion in our product or service demonstrated by Encourage Investments and extensive-time champions of ID-Pal, Act Enterprise Cash, indicators their self-assurance in the trajectory that we are on.”
On investing, Derek Delaney of Inspire Investments claimed: “I first noticed the opportunity in early 2019 and what struck me then was the power of the CEO and the calibre of the first workforce.
We believe a very good solution is secondary to leadership, but across the initial seeding spherical we saw the product go from power to power and by the time the 3rd spherical arrived the toughness of the product or service, administration and customers have been all on a par.
As such, the 5 Waystone administration who have been invested in ID-Pal across various rounds felt we could confidently existing the entire Sequence A to our colleagues. Something we have by no means finished and would not with out this level of certainty. 35 colleagues subscribed and these are all individuals who understand the AML/KYC world. We glimpse forward to looking at Colum lead this amazing journey”.
With exponential adoption of the ID-Pal resolution equally in the United kingdom and internationally and the global threat of identification fraud, closing the Sequence A funding spherical enables the business to continue to develop into new markets and empower much more firms with simple, protected, and hassle-free identity verification.