The ID Co. lands $2m
Bank data expert The ID Co. has closed a $2 million funding round, which brings its total funding to $11 million, reports Julie Muhn at Finovate.
The round was led by Amadeus Capital Partners and SixThirty.
The company, which already has clients in 30 countries, said the funding will fuel further global growth. CEO James Varga says, “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 capitalise on the need for greater efficiency in lending practices to reflect borrowers’ expectations.”
The ID Co. has two main branches, DirectID, its B2B offering, and NoMo, its B2C product launched last fall. DirectID’s product line-up includes Insights, a dashboard that displays data to assist underwriters in lending decisions, and Income Verification, a tool that combines real time data with six algorithms to offer a clear picture of clients’ income. In addition, the company offers an onboarding solution, a categories and classifications engine, and a bank account validation tool.
The ID Co. was prepared for the onset of the UK’s Open Banking mandate well before it came into play last January.
Atul Kamra, Managing Partner of SixThirty says: “James and The ID Co. team have gotten a real nice head start here, and are well positioned to take advantage from the regulatory tail winds afforded by Open Banking.”
Varga adds, “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.”
Launched as miiCard in 2011, the company pivoted to The ID Co. in 2016. Within the last year, the company has launched its Open Banking API, released its NoMo consumer cashflow tracking app, and unveiled its Income Verification solution.