Dublin’s ID-Pal raises €1m to power global expansion

Dublin cybersecurity tech firm ID-Pal helps businesses to verify the identity of customers in real-time.

ID-Pal, a Dublin SaaS security company, has raised €1m in fresh funding to fuel its local and global expansion.

The company has developed innovative technology that enables businesses to verify the identity of customers in real-time, easily and securely.

“Our platform was created both to help SMEs and large-scale organisations seamlessly and securely onboard new customers”

Investors in the round include Act Venture Capital along with a number of private investors.

Know your customer

Young man in a blue jacket.

ID-Pal CEO Colum Lyons

Founded in 2016, ID-Pal provides solutions for businesses to ensure compliance with regulatory identity requirements. Its technology is used in more than 43 countries.

ID-Pal’s mission is to take the cost, risk and frustration out of customer onboarding.

The ID-Pal system uses mobile technology that allows clients across multiple industries and sectors, including but not limited to payments, financial services, legal, insurance and property, to facilitate verification of their customers’ identities quickly and easily.

CEO Colum Lyons explained that the funding will be used to continue growth and development across all areas of the business including further investment in technology, resources, system processes and Global sales and marketing activities including a focus on a range of international growth opportunities.

“This is a really exciting time for ID-Pal,” said Lyons. “Our platform was created both to help SMEs and large-scale organisations seamlessly and securely onboard new customers and it is easy and accessible enough, that integration can be done in hours, not days.

“It’s a sophisticated solution that’s been made simple to use, so it has a wide range of applications across multiple sectors and we will continue to evolve that potential. This funding will help us to continue to develop our product offering and the technology behind it which we can then deliver to new and existing customers in a flexible and bespoke manner, making sure their compliance and customer needs are easily addressed.

“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.”

Current clients of ID-Pal include Elavon, Fexco, HID Global, KYC Global, Mercer, One4all and Sherpa Technologies, among others across the SME and corporate sectors. They also have active partnerships with Temenos and Salesforce.

“ID-Pal has a very talented team, that are laser-focused on executing their vision,” said Andrew O’Neill from Act Venture Capital.

“The product is the complete solution to ID verification and best in class, which is a credit to the team’s focus on ease of use and customer experience. All of this combined with impressive growth and a large market opportunity means we are excited to be partnering with ID-Pal.”

Pictured at top (left to right): Colum Lyons, founder and CEO; Shelley McKinney, CMO; James O’Toole, CBO; Simon Montgomery, director of Operations; and CTO Rob O’Farrell. Image: Conor Healy / Picture It Photography

Written by John Kennedy (john.kennedy3@boi.com)

Published: 28 September, 2020