Data Zoo has successfully secured AU$35 million in Series A funding from Ellerston JAADE, an Ellerston Capital fund.
The investment will bolster the firm’s efforts to drive adoption and innovation of its identity verification software, which offers direct access to authoritative data from over 170 countries. The software features advanced data sequencing to enhance efficiency and maximize conversions, while prioritizing data protection and privacy by eliminating identity data storage.
The company stands out for its ability to improve customer approval rates and revenue realization through access to global data and logic-driven data source sequencing. This process automatically verifies or retries identities against the next best source, reducing dropout rates and lowering the total cost of ownership.
The company envisions providing a global, efficient, and secure alternative to legacy solutions, thereby enhancing Know Your Customer (KYC) and Know Your Business (KYB) compliance and fraud prevention. Trusted by leading financial institutions, payment providers, and fintechs, Data Zoo plans to expand its operations globally with the raised funds.
Tony Fitzgibbon, founder and Chairman of Data Zoo, expressed enthusiasm about the investment, stating, “There’s been a long-standing need for a more efficient and secure way to verify identities. Data Zoo has spent years refining its solution – the result has been incredible innovation, UX optimization, and growth in a fiercely competitive market, putting us head-to-head with today’s most established identity providers.”
Charlie Minutella, Chief Executive Officer at Data Zoo, highlighted the company’s readiness to expand, especially with the recent appointment of former London Stock Exchange Group executive Charlie Minutella as CEO in February 2024. He stated, “Data Zoo is well-positioned to expand its footprint because of its patented ability to efficiently onboard a more diverse and global set of customers, meet compliance standards across jurisdictions, and enhance data privacy and protection.”
The funding round reflects Data Zoo’s first outside investment and is part of Ellerston JAADE’s strategy to invest in high-growth Australian-based companies. David Leslie, Investment Director at Ellerston JAADE, emphasized Data Zoo’s impressive growth and success in expanding internationally, stating, “Data Zoo’s innovative platform and success in expanding its operations internationally, especially into challenging markets like North America, were key factors in our decision to invest.”
The firm’s Series A funding round marks a significant milestone in the company’s journey to revolutionize identity verification on a global scale. With the support of Ellerston JAADE, the company is poised to further cement its position as a trusted identity provider and expand its reach into new markets.
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