ID-Pal has raised €1 million in a funding round led by Act Venture Capital and several private investors.

The Dublin-based identity verification startup said the money will help its expansion within Ireland and internationally.

Its software is used to verify the identity of their customers securely in real time, with current clients including AIB, Elavon, Fexco, Mercer, One4All and Salesforce.

The RegTech firm was founded in 2016 by chief executive Colum Lyons, previously a stockbroker for Cantor Fitzgerald, and James O’Toole, who used to be a management consultant at Accenture.

Since then, the ID-Pal solution has been used in more than 43 countries by companies in payments and financial services, insurance, property and legal.

Lyons said the new capital will allow ID-Pal to invest further in sales and marketing activities, resources, system processes and technology.

“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,” he added.

“There has been strong and continuing market interest in our solutions, including international markets,” concluded Lyons. “We have gone from 11 to 19 employees in the last nine months, with further roles to come in line with our growth through 2021 and beyond.”

Share Story: