Dublin-based ID-Pal who's tech enables businesses to verify the identity of customers in real-time simply, securely and conveniently raises €1m to continue the company’s expansion on the domestic and international market. The funding round was lead by Act Venture Capital, a Dublin-based VC company with participation from a number of private investors.
Founded in 2016 by Colum Lyons as a Software-as-a-Service (SaaS) developer, ID-Pal provides a simple, secure and convenient way for businesses to verify the identity of clients in order to comply with international Anti Money Laundering regulations. These regulations require many businesses to carry out KYC procedures for new and existing clients. The ID-Pal digital solution streamlines the customer on-boarding process by providing a mobile app for customers and a web portal for the business.
According to ID-Pal the company makes it's identity verification solution simple to use, easy to integrate and instantly customisable to the specific needs of any business, eliminating the complexity, cost, timelines and risk typically associated with regulatory compliance.
The solution uses advanced mobile technologies that allow customers to seamlessly capture and securely transmit their personal information to the business anytime, anywhere. Every customer submission is thoroughly verified and authenticated using a suite of industry-leading biometric, document and database checks. It ensures robust compliance, more efficient and effective back-office operations and increased revenue growth through enhanced customer acquisition.
ID-Pal’s best-of-breed technologies and seamless user experience delivers the highest first-time pass rate on the market, with 93.5% of customers being verified in real-time.
Continuing the growth of the company, the new funds will be used to further invest in technology, resources, system processes and global sales and marketing activities, including focusing on a range of international growth opportunities.
Colum Lyons, founder and CEO of ID-Pal commented: “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.”