ID-Pal, the global identity verification provider, today announced a €7m (£6m) Series A funding round to boost its expansion into international markets.
The round was led by Inspire Investments with confidence shared by Act Venture Capital which has now participated in the past two rounds of ID-Pal. Inspire Investments is led by Derek Delaney, CEO of Waystone, and is the private holding company for the management of Waystone.
This new round of funding will allow the Dublin-based identity verification company to step up its global sales and marketing efforts to meet growing demand for the solution following its official UK launch earlier this year.
ID-Pal’s Series A has just gone through a period of significant growth, with the number of employees and customers doubling in the past 12 months. The company has achieved significant success internationally both in the SME and enterprise arena. Clients include One4all, Zurich, Elavon, Trident Trust, BDO, American National University and recently acquired JP Morgan Global Equities. Along with a host of strategic partnerships with market leaders such as HID Global, RiskScreen, Sherpa Technologies, Temenos and Vesta, ID-Pal’s funding further seals its reputation as one of the leading identity verification providers. operating in the market.
As the need for identity verification expands across jurisdictions and industries, ID-Pal is uniquely positioned to help any business simplify Anti-Money Laundering (AML) and Anti-Money Laundering (AML) compliance. know your customer (KYC), solving a critical challenge that has long been a costly, inefficient and manual process.
ID-Pal offers businesses a simple, secure and convenient way to verify the identity and address of customers. The ISO 27001 certified solution performs document verification, face matching, liveness testing and electronic address verification in real time. It delivers industry-leading accuracy with built-in General Data Protection Regulation (GDPR) compliance, while delivering a seamless end-user experience.
Colum Lyons, CEO and Founder of ID-Pal comments:
“Raising €7 million in Series A funding is a significant milestone for our business and a testament to the product the team has built. ID-Pal identified a clear gap in the market in 2016 that traditional vendors were not serving No. We’ve built a solution that brings agility, convenience, and compliance to businesses of all sizes. Whether you’re an SMB or an enterprise customer, our global coverage and seamless user experience sets you apart from what other vendors offer.
The confidence in our product shown by Inspire Investments and longtime ID-Pal champions Act Venture Capital speaks to their confidence in the trajectory we are on.
Commenting on the investment, Derek Delaney of Inspire Investments said:
“I first saw the opportunity in early 2019 and what struck me then was the strength of the CEO and the caliber of the initial team.
We believe that a good product is secondary to leadership, but in the first seeding cycle we saw the product strengthen and by the time of the third cycle, product strength, management and customers were all on an equal footing.
As such, the five Waystone executives who invested in ID-Pal over multiple rounds felt we could confidently present the full A-series to our colleagues. Something we have never done and wouldn’t do without this level of certainty. 35 colleagues signed up and they are all people who understand the AML/KYC world. We can’t wait to see Colum lead this incredible journey.”
With the exponential adoption of the ID-Pal solution in the UK and internationally and the global risk of identity fraud, the closing of the Series A funding round allows the business to continue to grow on new markets and give more businesses simple, secure and convenient means of identity verification.