Irish verification firm ID-Pal raises €7m in funding round – The Irish Times

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Irish online verification company ID-Pal has raised €7m in a Series A funding round that will help the business grow as it aims to expand into new markets .

The funding round was led by Inspire Investments, the private holding company for the management of Waystone led by Managing Director Derek Delaney, with participation from Act Venture Capital, backing the company in a second round.

ID-Pal said this would allow it to expand its global sales and marketing operations and meet growing demand for its solution. The Dublin-based company officially launched in the UK earlier this year.

Founded by Colum Lyons in 2016, ID-Pal provides solutions for businesses to ensure compliance with identity regulatory requirements. The software-as-a-service (SaaS) developer uses mobile technology to enable customers to facilitate identity verification for their customers quickly and easily. The solution performs document verification, face matching, liveness testing and electronic address verification in real time. Clients include One4all, Zurich, Elavon, Trident Trust, BDO, American National University and Global Shares.

“Raising €7 million in Series A funding is a significant milestone for our business and a testament to the product the team has built. ID-Pal identified a clear gap in the market in 2016 that traditional vendors were not serving No. We’ve designed a solution that brings agility, convenience and compliance to businesses of all sizes. Whether you’re an SMB or an enterprise customer, our global coverage and seamless user experience stand out from what other vendors offer,” said said Mr. Lyons.

“The confidence in our product shown by Inspire Investments and longtime ID-Pal champions Act Venture Capital speaks to their confidence in the trajectory we are on.”

The company said it has experienced significant growth in recent months, expanding both its customer base and staff. It has also signed strategic partnerships with market leaders such as HID Global, RiskScreen, Sherpa Technologies, Temenos and Vesta.

“We believe that a good product is secondary to leadership, but during the first seeding cycle we saw the product strengthen and by the time of the third cycle, the strength of the product, management and customers were everyone on an equal footing,” says Delaney. “As such, the five Waystone executives who have invested in ID-Pal over multiple rounds felt we could confidently present the full Series A to our colleagues.”

ID Pal has been named the winner of the IT & Fintech category of the Irish Times Innovation Awards for 2021. Previously, it was one of 14 companies from across Europe selected to participate in the Salesforce Ventures Virtual Incubator, EMEA Accelerate.

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