The ID Co. secures seed funding for international growth
Global fintech, The ID Co., has today announced it has received $2m seed funding from global technology investor Amadeus Capital Partners, SixThirty and other investors.
The ID Co. helps businesses such as lenders to onboard their customers more efficiently. Its technology removes the friction caused during application processes by the current challenges of risk, fraud, compliance, and regulation.
The ID Co. has recently launched two innovative products, DirectID Insights and Income Verification, based on Open Banking. The ID Co. is a market leader in Open Banking – a global movement that grew out of the UK, which allows companies or individuals to securely share their data with a third party. The ID Co.’s mission is to make bank data readily available to any business so that it can revolutionise its offering and transform its customers’ experience.
DirectID Insights is the first online decisioning tool for use by underwriters, fraud analysts and Credit Risk Officers that requires absolutely no integration. Leveraging Open Banking data, it drastically reduces operational costs for businesses and unlocks, from bank data, the information required for lenders to grant, or deny loan applications. DirectID Insights user numbers have grown rapidly in the UK and USA and include Clydesdale & Yorkshire Bank, Prosper, Marlette and LendingMate.
The ID Co.’s Income Verification solution utilises six unique algorithms to give a sound basis for assessing a loan application. The tool also gives additional insights such as showing supplemental income and whether the applicant’s income changes over time.
The new investment from Amadeus Capital Partners and other investors will enable The ID Co. to extend its offering to new sectors and international customers while continuing to grow in its existing markets.
