Pictured: Colum Lyons, Founder and CEO, ID-Pal
Roundtable includes investment from Act Venture Capital to drive business growth
Dublin-based ID-Pal, which has developed technology to allow businesses to verify customer identities in real time, has raised â¬ 1million in additional funding to fuel the company’s expansion nationwide and international.
The funding cycle includes investments from Act Venture Capital as well as a number of additional private investors.
ID-Pal is a Software as a Service (SaaS) developer, providing solutions to 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, âThis is a really exciting time for ID-Pal. Our platform was created to both help SMBs and large-scale organizations onboard new customers seamlessly and securely and is easy and accessible enough that the onboarding can be done in hours, not in a few days. It is a sophisticated solution that has been made simple to use, so it has a wide range of applications across multiple industries and we will continue to develop that potential. This funding will help us continue to develop our product offering and the technology behind it, which we can then offer to new and existing customers in a flexible and tailor-made manner, ensuring that their compliance and customer needs are easily taken into account.
Our platform was created to both help SMBs and large-scale organizations onboard new customers seamlessly and securely.
âWith the COVID-19 pandemic having affected countless businesses around the world, we have been fortunate with our innovative approach to maintain our growth trajectory. There has been strong and continued market interest in our solutions, including international markets. We have grown from 11 to 19 employees in the past 9 months with other positions to align with our growth through 2021 and beyond. “
Andrew O’Neill of Act Venture Capital said, âID-Pal has a very talented team, who focus on the laser to execute their vision. The product is the best-in-class, complete identity verification solution, honoring the team’s focus on ease of use and customer experience. All of this, combined with impressive growth and a great market opportunity, means that we are delighted to partner with ID-Pal. “
ID-Pal’s goal is to reduce the costs, risks and frustration associated with customer onboarding. The ID-Pal platform is built on a flexible technical architecture that enables companies to maximize their customer acquisition rates in a compliant manner across all channels and jurisdictions.
The ID-Pal system uses mobile technology that enables customers across multiple industries and sectors, including, but not limited to, payments, financial services, legal services, insurance and property, to facilitate verification of their customers’ identity quickly and easily.
Current ID-Pal customers include AIB Merchant Services, Elavon, Fexco, HID Global, KYC Global, Mercer, One4all and Sherpa Technologies, among others in the SME and enterprise sectors. They also have active partnerships with Temenos and Salesforce.