Dublin-based regtech start-up ID-Pal has raised €7m in a Series A funding round to fuel its expansion into international markets.
The round was led by Inspire Investments with backing from Act Venture Capital, which led the start-up’s €1m funding round in 2020.
ID-Pal provides businesses in Ireland, the UK, the US and Europe with remote identity and address verification using biometric, facial matching, liveness testing, address verification and document checks. It aims to help businesses simplify anti-money laundering and know your customer compliance.
A SiliconRepublic.com Start-up of the Week back in 2018, ID-Pal seen significant growth recently with both employee and customer count doubling over the past 12 months.
The Irish company launched in the UK in May to help more companies combat fraud with its tech. It plans to use the new funding to scale its global sales and marketing efforts to meet growing demand.
ID-Pal was founded in 2016 by James O’Toole and CEO Colum Lyons, who said the company identified a “clear gap in the market” that other providers were not serving.
“We designed a solution that brings agility, convenience and compliance to businesses of any size,” Lyons added. “Whether you are an SME or enterprise client, our global coverage and seamless user experience stands out from what other providers offer.
“The faith in our product shown by Inspire Investments and long-time champions of ID-Pal, Act Venture Capital, signals their confidence in the trajectory that we are on,”
ID-Pal clients include large enterprises such as Grant Thornton and Zurich International, as well as SMEs such as UK Adviser and Trust My Travel.
The start-up’s tech covers more than 6,000 ID documents across 200 countries and jurisdictions. It said its tech is also GDPR compliant and can be configured for any jurisdiction or legal requirement in any language.
Inspire Investments is the private holding company for the management of Waystone, a provider of institutional governance, risk, administration and compliance services to the asset management industry. Its CEO Derek Delaney said he noticed the strength of ID-Pal’s CEO and team in 2019.
“We believe a good product is secondary to leadership, but across the first seeding round we saw the product go from strength to strength, and by the time the third round came the strength of the product, management and clients were all on a par,” Delaney added.
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