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ID-Pal, the worldwide id verification supplier, at the moment introduced a £6 million Collection A funding spherical to additional gasoline growth into worldwide markets.
The spherical was led by Encourage Investments with confidence shared by Act Enterprise Capital who’ve now participated in ID-Pal’s final two rounds. Encourage Investments is led by Derek Delaney, CEO of Waystone, and is the personal holding firm for the administration of Waystone.
This new wave of funding will enable the Dublin-based id verification firm to additional scale its international gross sales and advertising efforts to fulfill the rising demand for the answer following its official UK launch earlier this yr.
ID-Pal’s Collection A comes off the again of a big interval of progress with each worker and buyer rely doubling over the previous 12 months. The corporate has achieved important success internationally in each the SME and enterprise house. Prospects embrace One4all, Zurich, Elavon, Trident Belief, BDO, American Nationwide College, and the current J.P. Morgan-acquired International Shares. Together with a number of strategic partnerships with market-leaders like HID International, RiskScreen, Sherpa Applied sciences, Temenos and Vesta, ID-Pal’s funding additional seals its repute as one of many main id verification suppliers working out there.
As the necessity for id verification expands throughout jurisdictions and industries, ID-Pal is uniquely positioned to assist any enterprise simplify anti-money laundering (AML) and Know your Buyer (KYC) compliance, fixing a vital problem that has lengthy been a expensive, inefficient, and guide course of.
ID-Pal offers companies a easy, safe, and handy solution to confirm the id and handle of consumers. The ISO 27001 licensed answer performs doc verification, facial matching, liveness testing and handle e-verification in real-time. It presents industry-leading accuracy with Common Knowledge Safety Regulation (GDPR) compliance inbuilt, all whereas delivering a seamless expertise for the tip person.
Colum Lyons, CEO and Founding father of ID-Pal, feedback: “Elevating €7 million in Collection A funding is a milestone achievement for our firm and a testomony to the product the workforce has constructed. ID-Pal recognized a transparent hole out there in 2016 that conventional suppliers weren’t serving. We designed an answer that brings agility, comfort, and compliance to companies of any dimension. Whether or not you might be an SME or enterprise consumer, our international protection and seamless person expertise stands out from what different suppliers provide.
The religion in our product proven by Encourage Investments and long-time champions of ID-Pal, Act Enterprise Capital, indicators their confidence within the trajectory that we’re on.”
On investing, Derek Delaney of Encourage Investments stated: “I first noticed the chance in early 2019 and what struck me then was the energy of the CEO and the calibre of the preliminary workforce.
We consider product is secondary to management, however throughout the primary seeding spherical we noticed the product go from energy to energy and by the point the third spherical got here the energy of the product, administration and purchasers have been all on a par.
As such, the 5 Waystone administration who’ve been invested in ID-Pal throughout a number of rounds felt we might confidently current the complete Collection A to our colleagues. One thing we’ve got by no means carried out and wouldn’t with out this stage of certainty. 35 colleagues subscribed and these are all individuals who perceive the AML/KYC world. We look ahead to seeing Colum lead this unimaginable journey”.
With exponential adoption of the ID-Pal answer each within the UK and internationally and the worldwide threat of id fraud, closing the Collection A funding spherical permits the corporate to proceed to develop into new markets and empower extra companies with easy, safe, and handy id verification.
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