ID-Pal promises to simplify identity verification for SMEs. Its expansion into the US follows a successful launch in the UK in 2022.
Irish identity verification solution ID-Pal today announced its official launch into the US market.
Championed by Enterprise Ireland, the US launch is building on ID-Pal’s success in serving enterprises across 30 industries.
Offering global coverage of more than 6000 identity documents across 200 jurisdictions and countries, clients now include payments and gift cards provider Blackhawk Network (BHN), leading procurement and compliance platform Certa, global payments company and a subsidiary of US Bancorp Elavon and the recent J.P. Morgan-acquired Global Shares.
ID-Pal’s presence in the US is further bolstered by recent partnerships with financial service providers such as Spirit of Alaska Credit Union and award-winning lending and deposit account opening platform CreditSnap.
The company also boasts an impressive network of strategic partners in the United States, that includes Salesforce, Corporate One and Melissa.
The regtech’s official entrance into the US market comes less than a year after its successful launch in the UK and a Series A funding round. Today, UK businesses now account for over 30% of ID-Pal’s revenue and, following continued market traction there, 15% of their revenue is now from the US.
On the launch, Colum Lyons, CEO and founder of ID-Pal, comments: “2022 was a landmark year for ID-Pal. In just nine months we launched in the UK, secured Series A funding, and now, with the support of Enterprise Ireland, our US and European investors, and our strategic partners, we are officially launching into the US in 2023.
“The standard of security, fast deployment, and digital transformation we provide organisations sets us apart. We work with industry leaders from across 30 sectors, which is evidence that our technology-first approach to identity verification makes it simple, secure, and convenient for any organisation.”
ID-Pal offers businesses an easy way to verify the identity of an individual. Using a blend of biometric, document, and database checks to verify identities in real time, the solution leverages automated decisioning and smart workflows to deliver accuracy, and better outcomes, with data protection compliance built in.
Expansion into the United States allows ID-Pal to support financially regulated organisations struggling to balance compliance and fraud prevention with a friction-free user experience.
The identity verification solution streamlines anti-money laundering (AML) and Know Your Customer (KYC) compliance, while offering a robust audit trail. Knowledge-based authentication (KBA) and database-focused solutions also struggle to match the sophistication of modern-day fraud, for which a multi-layered approach to verification via a platform like ID-Pal is needed.
In addition to the backing of the Irish government organisation Enterprise Ireland, ID-Pal has received investment from European Inspire Investments, Act Venture Capital and US investors FA Ventures Fund, LTD, all of which have endorsed ID-Pal’s impressive expansion into new markets.
Karen Cohalan, Department Manager for Fintech, Financial & Business Services at Enterprise Ireland said: “Enterprise Ireland warmly welcomes ID-Pal’s launch in the US market. Supporting Irish-owned companies to achieve greater scale and expand their global footprint is an ongoing priority for Enterprise Ireland. Enterprise Ireland looks forward to working with the ID-Pal team to continue to support their growth ambitions as they expand their customer base in the US whilst continuing to create jobs here in Ireland.”