Fintech growth

Hong Kong backer funds DirectID’s overseas expansion

James Varga
James Varga: redefining credit risk

Global credit and risk platform DirectID has completed a $3 million bridge round led by Hong Kong based venture capital firm QBN Capital.

Having doubled both headcount and revenue over the last year, the Edinburgh-based firm will use the newly-injected funds to continue with its plan to expand internationally.

DirectID’s platform offers decision makers a more current view of applicants and customers across the credit lifecycle.

The company, one of Scotland’s fast growth fintech firms, has developed a credit & risk platform that powers some of the world’s largest brands. Data obtained directly from consumer’s bank account – with explicit consent – is real-time, verified, incorruptible, and guaranteed to be accurate.

DirectID has more than 13,000 bank connections giving the company access to 1.5 billion users in 45 countries, operating across sectors such as banking, consumer and SME lending, utilities, gambling and gaming, and the gig economy.

James Varga, founder, and CEO, said: “This funding step will help us grow into more markets and sectors as open banking adoption grows across the world. We are addressing a global pain with our product, redefining credit risk for consumers and businesses alike. 

Philea Chim at QBN Capital said: “We look forward to helping DirectID expand their business to Asia. Their credit risk platform will make SME financing fairer and more accessible. We see synergies between DirectID and a number of our portfolio companies and QBN’s own initiatives, for example, in supply chain trade finance.”

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