The Irish identity start-up ID-Pal will be looking to expand after bringing in €7 million in Series A funding. The money will supplement the €1 million in seed funding that the company landed back in 2020.
Act Venture Capital led that initial seed round, and went on to contribute to the Series A. However, Inspire Investments ultimately took point on ID-Pal’s latest round of funding.
ID-Pal itself is based in Dublin, and offers an identity verification solution that is designed to prevent fraud for businesses of all sizes. The company has doubled both its customer base and its employee head count in the past 12 months, and is planning to use the influx of funds to ramp up its sales and marketing efforts both locally and internationally. ID-Pal currently offers services to clients in the US, the UK, and Europe in addition to its native Ireland. The company launched its services in the UK earlier this year.
In terms of technology, ID-Pal’s solution is comparable to other identity verification products that are now on the market. The platform uses a combination of face and document recognition to verify someone’s identity remotely, with the document check ensuring that an ID is authentic and the face check ensuring that it belongs to the person holding it. The system can also verify someone’s address, and is backed up with liveness detection to prevent spoofing.
“Whether you are an SME or enterprise client, our global coverage and seamless user experience stands out from what other providers offer,” said ID-Pal Co-Founder and CEO Colum Lyons. “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’s solution can help businesses comply with Know Your Customer and Anti-Money Laundering guidelines, and with Europe’s strict GDPR regulations. The company also suggested that its platform can be modified to meet other regulatory frameworks. The platform offers support for multiple languages and can read more than 6,000 different identity documents from 200 countries and territories. MarketsandMarkets has predicted that the identity verification market will hit $18.6 billion in 2026.
Source: Silicon Republic
July 12, 2022 – by Eric Weiss