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Mission to US

ID Co flies fintech flag for Scotland in New York

James Varga

James Varga: ‘a fantastic opportunity’ (pic: contributed)

A Scottish fintech company has been selected by a UK government body to showcase its technology to a US audience in New York.

The ID Co, based in Edinburgh, is pioneering open banking software designed to protect data and identity, and has been invited by the Department for International Trade to exhibit at Empire FinTech Week.

The mission, which takes place all next week, will give The ID Co. an opportunity to demonstrate its technology to the US market, engage with US regulators, and gain valuable insight into overcoming barriers to doing business overseas. 

Established in Edinburgh in 2010, The ID Co.’s platform DirectID uses live financial data from customers’ online bank accounts to inform third-parties about spending behaviour, allowing them to make decisions based on real time information, rather than the traditional credit score.

The FinTech Week in New York is a series of conferences, round-table discussions, demo days, meet ups and networking events. The diverse events across the city are designed to build partnerships, spur innovation and forecast trends.

Recruitment for the UK trade mission ran across the whole of the UK in February, focusing on advanced British FinTechs actively entering the US market. A total of 134 applications were received from market ready British FinTech companies. 

James Varga, chief executive of The ID Co, said: “Ahead of our expansion into the US later this year, we are very excited to have been selected for this programme.

“It is a fantastic opportunity to join an exclusive set of high profile FinTech companies looking at the US market. 

“Given the Open Banking global trend following PSD2 in Europe, we are particularly excited to speak to the industry, regulators and investors on how opening up access to bank data is disrupting the market.

“It’s a great opportunity to showcase how data can fundamentally change the customer onboarding, lending and consumer engagement process and our business service DirectID.” 

Her Majesty’s Consul General in New York and Trade Commissioner for North America, Antony Phillipson, said of the mission: “After an extremely competitive application process for a trade mission to the United States, we’re incredibly pleased to be showcasing such a strong representation of British innovation.

“The quality of the delegation reconfirms the strength of the UK tech ecosystem and the importance of these transatlantic programmes.” 

Founder of Empire Startups, Jon Zanoff, said of hosting the delegation: “Empire FinTech Week in New York will unite the global FinTech ecosystems and truly promote transatlantic innovation.

“As the week will highlight the best and the brightest in FinTech, we couldn’t be more thrilled to welcome the UK delegation.” 

The Empire FinTech Conference offers participants access to companies forging new trails in payments, blockchain, lending, robo-advisors, insurance tech, real estate and other sectors.

In addition to attracting hundreds of FinTech entrepreneurs, the conference also hosts the investors and service providers that help accelerate startups. T

he conference offers keynotes, panels and demo updates from some of the top FinTech startups in the world.

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