Edinburgh, Scotland-based The ID Co has received $2 million in seed funding from Amadeus Capital Partners, SixThirty and other investors.
The startup basically helps businesses in the financial space, e.g. lenders, to onboard their customers by removing friction caused during the application process by the current challenges of risk, compliance, fraud, and regulation.
The Scottish fintech company says it has been pioneering the use of bank data and ‘Open Banking’ since 2011 and is an active participant in the UK Open Banking initiative and a founding member of FDATA, Innovate Finance, and Open Banking Excellence.
Essentially, its mission is to make bank data readily available to any business so that it can “revolutionise its offering and transform its customers’ experience”.
“This funding gives us the support we need to execute our plan to bring bank data to the global market. We are hiring fast and entering new markets and geographies across the globe'” says James Varga, CEO of The ID Co. “The recent launch of DirectID Insights and Income Verification means that we are in an excellent place to capitalise on the need for greater efficiency in lending practices to reflect borrowers’ expectations.”