The ID Co offers products based on (open) bank data. These help businesses like online lenders onboard customers quickly and efficiently.
DirectID, its business service, helps businesses like lenders onboard their customers by removing friction created in the application process by current challenges of risk, compliance, fraud, and regulation.
The products offered solve issues such as assessing a customer's affordability, verifying their account information, and offsetting credit risk.
The platform currently connects to 5,500 banks in over 30 countries and will soon support open banking in the UK. There are now over 30 customers on the platform and has just launched with Clydesdale, to provide bank data as part of their mobile app experience.
Its open banking data API supports all of the major UK banks and provides enriched bank data including categorisation of spend e.g. food, drink, utilities, etc. and classification of spend e.g. Point of Sale, cash, direct debit, etc. in addition to the tools already provided.
The ID Co. roadmap includes products designed to address critical business issues such as income verification, affordability, credit risk, and bureau less KYC.
|Product||Financial Technology EIS|
|Aim of funding||Growth|
|HMRC Advanced Assurance received||Yes|
|Envisaged investor exit||4-5 years|
|Targeted return||In excess of 4x capital invested|