This investment takes the total funding raised to more than $9 million and will enable The ID Co. to extend its offering to new sectors and international customers. The firm also continues to grow in existing markets.
The ID Co. helps businesses such as lenders to onboard their customers more efficiently, with its technology alleviating friction caused during application processes by the current challenges of risk, fraud, compliance and regulation.
The funding announcement follows two recent product launches for the Edinburgh-based fintech, DirectID Insights and Income Verification.
DirectID Insights is the first online decisioning tool for use by underwriters, fraud analysts and Credit Risk Officers that requires no integrations. The ID Co. says that through leveraging Open Banking Data, the platform can reduce operational costs for businesses and helps unlock information required for lenders to grant or deny loan applications.
The numbers of DirectID Insights users has grown rapidly in both the UK and the US since its launch, with notable firms including Clydesdale & Yorkshire Bank (CYBG), Prosper, Marlette and LendingMate.
Commenting on the funding announcement, The ID Co. CEO, James Varga, said: “This funding gives us the support we need to execute our plan to bring bank data to the global market. We are hiring fast and entering new markets and geographies across the globe.
“The recent launch of DirectID Insights and Income Verification means that we are in an excellent place to capitalise on the need for greater efficiency in lending practices to reflect borrowers’ expectations.”
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Nick Kingsbury, partner at Amadeus Capital Partners, added: “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.”