The ID Co. secures £1.6m seed funding from Amadeus Capital Partners and SixThirty to expand internationally.
The Edinburgh fintech secured £1.6m from backers including Amadeus Capital Partners and SixThirty to grow its open banking tools globally.
The ID Co. builds open banking technology that helps businesses streamline customer onboarding and verify income. Its software assists lenders with risk assessment, fraud prevention, and regulatory compliance.
The ID Co. has raised £1.6m in seed funding from Amadeus Capital Partners, SixThirty, and other backers to expand its reach. The fresh capital will be deployed to take the firm's open banking products into new international territories and industry sectors.
The company provides digital onboarding tools such as DirectID Insights and Income Verification, which use open banking data to help lenders make quicker lending decisions. The tools are already used by financial institutions in the UK and the US, including Clydesdale & Yorkshire Bank and Prosper.
The investment follows growing demand for automated credit risk and fraud analysis tools. With backing from its investors, the firm intends to scale its operations globally.
From the founder
"The financial world is being fundamentally changed through Open Banking. It improves our understanding of each individual, allowing us to move away from traditional credit reference agencies."
James Varga
CEO at The ID Co.
Investor perspective
"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."
Nick Kingsbury
Partner, Amadeus Capital Partners
Use of funds
- 01Expand into international markets
Investors
Categories
About the company
The ID Co.
The ID Co. develops open banking technology that helps lenders verify income and onboard customers.