The funding round includes investment from Act Venture Capital to drive the company’s growth
Dublin-based ID-Pal, which has developed technology that enables businesses to verify the identity of customers in real-time, has raised €1 million in additional funding to fuel the company’s 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 been used in over 43 countries.
Colum Lyons, Founder and CEO of ID-Pal, said of 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.
Our platform was created both to help SMEs and large-scale organisations seamlessly and securely onboard new customers
“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 of 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.”
ID-Pal’s aim is to take the cost, risk and frustration out of customer onboarding. 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.
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.