The ID Co., pioneer of (open) bank data products, as per recent reports, has just closed a funding round, raising $2 million. With this recent new funding, the Scottish firm has to date, raised in total $11 million in investment funding. The recent funding round was led by Amadeus Capital Partners, a London-based venture capital firm that invests in European markets, and SixThirty, a St. Louis, Missouri-based. Venture capital firm that provides seed funding to fintech startups
The ID Co., with a strong client base in 30 countries, plans on utilizing the recent funding to further fuel its global growth. Speaking on this context, CEO James Varga states, “We are hiring fast and entering new markets and geographies across the globe. The recent launch of DirectID Insights and Income Verification means that we are in an excellent place to capitalize on the need for greater efficiency in lending practices to reflect borrowers’ expectations.”
The company has mainly two branches – DirectID, a B2B offering, & NoMo, a B2C product which was launched last fall. The company’s B2B branch DirectID is renowned for its impressive product line-up which includes – Insights, a data display dashboard to assist underwriters in making lending decisions, and Income Verification, a tool that by combining real-time bank data with six algorithms delivers a clear image of clients’ income. Additionally, the company also offers an onboarding solution, a categories and classifications engine, and a bank account validation tool.
Atul Kamra, Managing Partner of SixThirty states, “James and The ID Co. team have gotten a really nice head start here, and are well positioned to take advantage from the regulatory tailwinds afforded by Open Banking.”
Adding further, Varga says, “The financial world is being fundamentally changed through Open Banking. It improves our understanding of each individual, allowing us to move away from traditional credit reference agencies.”