back Back

ID-Pal secures €7m in Series A funding round

By Leandra Monteiro

July 11, 2022

  • AML
  • Funding
  • ID-Pal
Share

ID-PalID-Pal, the global identity verification provider, announced a €7 million (£6 million) Series A funding round to fuel expansion into international markets.

The round was led by Inspire Investments with confidence shared by Act Venture Capital who have now participated in ID-Pal’s last two rounds. This new wave of funding will allow the Dublin-based identity verification company to further scale its global sales and marketing efforts to meet the growing demand for the solution following its official UK launch earlier this year.

ID-Pal’s Series A comes off the back of a significant period of growth with both employee and customer count doubling over the past 12 months. The company has achieved significant success internationally in both the SME and enterprise space. Customers include One4all, Zurich, Elavon, Trident Trust, BDO, American National University, and the recent J.P. Morgan-acquired Global Shares.

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 Know your Customer (KYC) compliance, solving a critical challenge that has long been a costly, inefficient, and manual process.

Colum Lyons, CEO and Founder of ID-Pal said, “Raising €7 million in Series A funding is a milestone achievement for our company and a testament to the product the team has built. ID-Pal identified a clear gap in the market in 2016 that traditional providers were not serving. We designed a solution that brings agility, convenience, and compliance to businesses of any size. Whether you are an SME or enterprise client, our global coverage and seamless user experience stands out from what other providers offer.

The faith in our product shown by Inspire Investments and long-time champions of ID-Pal, Act Venture Capital, signals their confidence in the trajectory that we are on.”

On investing, 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 calibre of the initial team.

We believe a good product is secondary to leadership, but across the first seeding round we saw the product go from strength to strength and by the time the third round came the strength of the product, management and clients were all on a par.

As such, the five Waystone management who have been invested in ID-Pal across multiple rounds felt we could confidently present the full Series A to our colleagues. Something we have never done and would not without this level of certainty. 35 colleagues subscribed and these are all people who understand the AML/KYC world. We look forward to seeing Colum lead this incredible journey”.

With exponential adoption of the ID-Pal solution both in the UK and internationally and the global risk of identity fraud, closing the Series A funding round allows the company to continue to expand into new markets and empower more businesses with simple, secure, and convenient identity verification.

Previous Article

July 11, 2022

Kadmos raised €29m in a Series A funding round led by Blossom Capital

Read More
Next Article

July 11, 2022

Sanlo is providing financing and insights to help game and app developers scale

Read More






IBSi Daily News Analysis

Data privacy

July 16, 2024

AML

Rise in sophisticated attacks, state-level threats, and increased ransom DDoS Incidents

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 15, 2024

Daiwa Capital Markets Europe selects Delta Capita for CLM service

Read More

July 12, 2024

DCB Bank taps CyberArk to deliver secure services to customers

Read More

July 11, 2024

Signzy brings 2G enabled VKYC to propel financial inclusion in rural India

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024