The ID Co.

regtechauthentication and fraud prevention

FOUNDING YEAR: 2010
LOCATION:
Last Update: 01/05/2020

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About

The ID Co. (formerly known as miiCard) is a provider of online identity software for websites. It verifies user identity to anti-money laundering and allows consumers to track, monitor, and control their online identity. It provides identity proofing and verification services to prevent identity theft and fraud along with a one-click login to authentic users. Recently, the company has launched a tool to access loan applicants on verified income. It provides identity and verification solutions to various industries including finance, commerce, trading, gaming, healthcare, recruitment, dating, social and professional networking The company claims to provide online trusted identity services in over 32 countries, across 5 continents and to a potential audience of over 500 million consumers.

Focus

PRODUCTS & SERVICES

The company offers two identity software products for consumers and businesses. miiCard: It is an online identity that allows users to create an account and share and store their personal information details in a highly secure and encrypted form, and also users can use this online identity to log in to any other secured portals like shopping sites, trading portals, banks, etc. miiCard combines identity proofing with strong multi-factor authentication (2, 3 and 4 factors available) to provide the highest level of assurance (to Level of Assurance 3+) in the online identity. miiCard gives financial services providers an embedded, integrated identity and data verification solution that saves time and money while enabling high-value transactions. DirectID: It is an identity and bank data service that helps banks, wealth management firms, and online lenders improve onboarding conversion rates, reduce fraud and improve underwriting accuracy by factoring in data sources such as Bank Verified Identities and financial transaction histories.The platform allows businesses to offer a single-use sign-on that leverages a user’s bank credentials and bureau data to prove their identity and verify transaction-critical data. It provides DirectID’s Document Verification services that leverage advanced machine learning to instantly assess and report on the authenticity of an ID document. It recently adds verified income feature that can calculate the net income of an applicant across multiple bank accounts and income sources to help determine whether a loan is affordable. Also, its verification process is extremely fast; an applicant’s income can be authenticated in seconds. DirectID's verified income aligns with the requirements of PSD2, the second EU Payment Services Directive.

REVENUE MODEL

The company follows different business models to generate revenue. For miiCard, it follows pay-per-use transaction model, it charges customers who meet the identity proofing requirements, not those who fail to verify. For DirectID, it follows subscription-based pricing plan model.

MAIN CLIENTS

iZettle

Clydesdale Bank

JustGiving

Amigo Loans

LexisNexis

Prosper

eMoneyUnion

OakNorth

Marlette Funding

Provident Financial Group

Fair Finance

Fleetcor

Fleximize

Bigstone Capital

gkCredit

Mortageport

etc.

EXISTING PARTNERSHIPS

The company has partnerships with Data & Technology firms such as LexisNexis

Equifax

Mitek

Deloitte

Signicat

ID Analytics

Yodlee

and Microsoft. Memberships & Associations: Toopher

Yubico

Callcredit Information Group

PA Consulting

Open Identity Exchange

The Respect Network

& Trust in Digital Life

COMMENT

The company's miiCard platform granted the US Patent for its method of establishing true online identity based on an individual’s ability to access their online financial accounts. The company claims the DirectID platform just takes 25 seconds for bank verification.

Traction

TRACTION COMMENT:

The company claims in the last 12-months, the volume of transactions facilitated by the company has grown by 15% month over month. (Sep 2017)

People

FOUNDERS

James Varga

BOARD MEMBERS AND ADVISORS

Lazaro Campos

Graham Paterson

Richard Lewis

Ed Stacey

Michael Boocher

Clare Twemlow

NUMBER OF EMPLOYEES

11-50

INVESTORS:

& IQ Capital Fund LLP

New Wave Ventures

Par Equity LLP

Rob Dobson

SixThirty

KEY EMPLOYEES:

James Varga (CEO); Lazaro Campos (Chair person); Scott Leckie (CTO); Rob Griffith (Interim COO)

COMMENT:

James, 20+ year experience in technology,held a number of senior-level positions in marketing, technology,management roles. Prior to founding The ID Co., he worked as a director in StartEDIn,was a chief technology officer in Money Dashboard company.

Momentum

FUNDED

YES

TOTAL FUNDING

$16.36 M

DATE OF LAST FUNDING

May 2019

SEED & PRIOR FUNDING

$5.94 M

SEED CLOSED ON

May 2019

FUNDING SERIES

SERIES A  · $5.21 M  · Dec 2014

OTHERS  · $5.21 M · Nov 2014

LISTED

NO

Innovation Programs

BASICS

FOUNDING YEAR:

2010

LOCATION:

Views:

76 VISITORS | 169 VIEWS
LATEST FUNDING ROUND

$16.4 M

TOTAL EMPLOYEES
11-50

About

The ID Co. (formerly known as miiCard) is a provider of online identity software for websites. It verifies user identity to anti-money laundering and allows consumers to track, monitor, and control their online identity. It provides identity proofing and verification services to prevent identity theft and fraud along with a one-click login to authentic users. Recently, the company has launched a tool to access loan applicants on verified income. It provides identity and verification solutions to various industries including finance, commerce, trading, gaming, healthcare, recruitment, dating, social and professional networking The company claims to provide online trusted identity services in over 32 countries, across 5 continents and to a potential audience of over 500 million consumers.

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Traction+
People+
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