Dublin-based ID-Pal, which has developed innovative technology that enables businesses to verify the identity of customers in real-time, easily and securely, has raised €1 million in additional funding to fuel the company’s continuing expansion on the domestic and international stage.
The funding round includes investment from Act Venture Capital along with a number of additional private investors.
ID-Pal is a Software as a Service (SaaS) developer, providing solutions for businesses to ensure compliance with regulatory identity requirements. It was founded in 2016 and has already been used in over 43 countries. The company’s products are easy for businesses to implement, simple for customers to use and ensure seamless and secure interaction between providers of a wide range of services and their customers. Clients range in size from SMEs to large multi-national corporates.
ID-Pal’s mission is to take the cost, risk and frustration out of customer onboarding. They have packaged best-of-breed technologies with a high-quality user experience into an end-to-end solution that can be configured, branded and integrated with a business’ processes requiring minimal technical effort. The ID-Pal platform is built on a flexible technical architecture that allows businesses to maximise their customer acquisition rates compliantly across all channels and jurisdictions.
The ID-Pal system uses mobile technology that allows clients across multiple industries and sectors, including but not limited to payments, financial services, legal, insurance and property, to facilitate verification of their customers’ identities quickly and easily.
The funding will be used to continue growth and development across all areas of the business including further investment in technology, resources, system processes and Global sales and marketing activities including a focus on a range of international growth opportunities.
Current clients of ID-Pal include AIB Merchant Services, Elavon, Fexco, HID Global, KYC Global, Mercer, One4all and Sherpa Technologies, among others across the SME and corporate sectors. They also have active partnerships with Temenos and Salesforce.
Colum Lyons, Founder and CEO of ID-Pal had this to say about the announcement: “This is a really exciting time for ID-Pal. Our platform was created both to help SMEs and large-scale organisations seamlessly and securely onboard new customers and it is easy and accessible enough, that integration can be done in hours, not days. It’s a sophisticated solution that’s been made simple to use, so it has a wide range of applications across multiple sectors and we will continue to evolve that potential. This funding will help us to continue to develop our product offering and the technology behind it which we can then deliver to new and existing customers in a flexible and bespoke manner, making sure their compliance and customer needs are easily addressed.”
“With the COVID-19 pandemic having impacted countless businesses across the globe, we’ve been fortunate enough through our innovative approach to maintain our growth trajectory. There has been strong and continuing market interest in our solutions including international markets. We have gone from 11 to 19 employees in the last 9 months with further roles to come in line with our growth through 2021 and beyond.”
Andrew O’Neill from Act Venture Capital said: “ID-Pal has a very talented team, that are laser-focused on executing their vision. The product is the complete solution to ID verification and best in class, which is a credit to the team’s focus on ease of use and customer experience. All of this combined with impressive growth and a large market opportunity means we are excited to be partnering with ID-Pal.”
