• FOUNDING YEAR: 2011
    LOCATION:
    United Kingdom
    REGION:
    Last Update:
    22 Oct, 2019
    Phone:
    +1 303-777-7520

Description

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:
Viewable by subscribers only
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.

PEOPLE

FOUNDERS:
James Varga
Board Members and Advisors:
Lazaro Campos, Graham Paterson, Richard Lewis, Ed Stacey, Michael Boocher, Clare Twemlow
INVESTORS:
New Wave Ventures, Par Equity LLP, & IQ Capital Fund LLP, Sixthirty, Rob Dobson,
KEY EMPLOYEES:
James Varga (CEO); Lazaro Campos (Chair person); Scott Leckie (CTO); Rob Griffith (Interim COO)
COMMENT:
James, 20+ year experience in technology and held a number of senior-level positions in marketing, technology and management roles. Prior to founding The ID Co., he worked as a director in StartEDIn and was a chief technology officer in Money Dashboard company.

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)

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$9.11 Millions
DATE OF LAST FUNDING:
Dec 2014
SEED & PRIOR FUNDING:
$3.9 Millions
SEED CLOSED ON:
Oct 2013
FUNDING SERIES:
SERIES A
$5.21 Millions Closed: Dec 2014
LISTED:
NO

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