Dublin-based ID-Pal has announced €1 million in additional funding to fuel the company’s expansion on the domestic and international stage.

In March 2020 ID Pal Ltd effected a funding round for €1,390,000. On that occasion a number of high net worth individuals invested amounts ranging from €100,000 to €250,000.

The company’s technology enables businesses to verify the identity of customers in real-time. ID-Pal was founded in 2016 and company says its Know Your Customer compliance online product is used in 43 countries.

The ID-Pal system uses mobile technology that enables clients across multiple industries and sectors to facilitate verification of their customers’ identities.

Clients include AIB Merchant Services, Elavon, Fexco, HID Global, KYC Global, Mercer, One4all and Sherpa Technologies. The venture also has partnerships with Temenos and Salesforce. Advisors on the funding round included law firm Whitney Moore. Half the funding in the latest round was sourced from Malta-registered Bective Holdings Ltd.

In Association with

• Download ID-Pal €1m allotment details

Founder and CEO Colum Lyons (40) commented: “Our platform was created both to help securely onboard new customers, and it is easy and accessible enough that integration can be done in hours, not days. This funding will help us to continue to develop our product offering and the technology behind it.

“We have gone from 11 to 19 employees in the last nine months with further roles to come in line with our growth through 2021 and beyond.”

Andrew O’Neill of Act Venture Capital, which has invested €248,000, stated: “ID-Pal has a very talented team who are laser-focused on executing their vision. 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.”

Photo (l-r): ID-Pal executives Colum Lyons, Shelley McKinney, James O’Toole, Simon Montgomery and Rob O’Farrell. (Pic: Conor Healy / Picture It Photography)