BanQu, a blockchain-based identity platform designed for the unbanked, has reportedly secured an extension to its Series A.
The value of the investment was not revealed; however, it adds to a $2.6m round previously closed, according to a report from FinTech Futures.
ZXVentures, a global investment firm focused on technology companies, led the new investment, it said.
BanQu is a blockchain-based economic identity solution aimed at helping refugees or those living in extreme poverty. Its goal is to help the poor maintain an online profile so they can keep relationships and conduct transactions.
The mobile app is compatible with all devices and is translated into any language to ensure widespread usage. Identity for an account is made through a selfie and once an online identity has been made, it can be accessed without the need of any physical documentation.
Digital identity solutions are very popular in the RegTech space, and a lot of capital has been invested into the development of solutions. For the last two years, identification companies have received the largest share of deals in the space, RegTech Analyst data shows.
In 2017, of the 161 deals completed, 17.4 per cent (28) were made in the identification sub-sector. Moving forward to 2018, of the 164 completed investments, 19.7 per cent (32) involved identification companies.
Interest in the sector spans the globe. Earlier this month, Mexico-based digital identity platform Tu Identidad has closed its $600,000 funding round to support addition of new features. While US-based ID R&D closed its $5.7m Series A last month.
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