ID-Pal scores €1m investment to support geographic growth

Irish FinTech startup ID-Pal has reportedly netted €1m in funding that will help it further its growth across Ireland and internationally.

Investment capital was supplied by Act Venture Capital and several unnamed private investors, according to a report from eu-startups.

Funds will be used to continue its geographic growth but also further development of its technology, resources, system processes, global sales and marketing.

Its technology enables businesses to verify the identity of customers in less than a minute. It works by a user loading up the ID-Pal app via a link from the company, then capturing ID documents and personal ID information. This will then be assess by ID-Pal to assess the validity.

ID-Pal founder and CEO Colum Lyons told eu-startups, “With the COVID-19 pandemic having impacted countless businesses across the globe, we’ve been fortunate enough through our innovative approach to maintain our growth trajectory.

“There has been strong and continuing market interest in our solutions including international markets. We have gone from 11 to 19 employees in the last 9 months with further roles to come in line with our growth through 2021 and beyond.”

Ireland has built a strong FinTech space, with a total of $818m being invested in the country between 2015 and 2019. Marketplace lending companies have received the largest potion of funding, representing 60.1% of investment volume, followed by RegTech, which accounts for 14.7% of capital.

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