New package for software company
ID Co receives $2m seed funding from Amadeus
Finance Secretary Derek Mackay on a visit to the ID Co offices (pic: Terry Murden)
Scottish fintech, The ID Co has received $2m seed funding from global technology investor Amadeus Capital Partners, SixThirty and other investors.
The ID Co’s technology tackles risk, fraud, compliance, and regulation and is making waves in Open Banking – a global movement that grew out of the UK allowing companies or individuals to securely share their data with a third party.
The new investment from Amadeus Capital Partners and other investors will enable The ID Co. to extend its offering to new sectors and international customers while continuing to grow in its existing markets.
James Varga, CEO, said: “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.”
“This funding gives us the support we need to execute our plan to bring bank data to the global market. We are hiring fast and entering new markets and geographies across the globe.”
Nick Kingsbury, partner at Amadeus Capital Partners, added: “The ID Co. is delivering real value to its clients. The application of Open Banking-based data allows financial providers to personalise their services and streamline and shorten lending processes. We are delighted to be supporting the company in solidifying its lead in the UK and expanding its international presence.
Atul Kamra, managing partner of SixThirty, said: “The speed at which decisions must be made in our hyper-connected world comes with a growing customer expectation for instant value and service. This places a premium on The ID Co.’s capabilities around rapidly confirming customer identity and delivering customer insights. 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.”