ID-pal Seamless and secure identity verification Country: Ireland | City: Dublin | Employees: 3 Year Started: March 2016 | Sector: Finance/Admin Product stage: Prototype | Website: id-pal.com Team Product Team Founders: What is it? We are building an app at the front end for users to James O’Toole, CEO capture, upload and transmit personal information to Was most recently the Global Partnerships Manager for the business which they want to engage. Our back-end the Ellen MacArthur Foundation (Responsible for Cisco, API then enables a suite of checks to identify the Google, Philips, Renault & Unilever accounts). individual and verify his/her address. Finally a pass/fail Previously James was a management consultant for verification report is generated and uploaded onto a Accenture. secure portal in the cloud which can be accessed by the Colum Lyons, COO business for review. Is a stockbroker with over 13 years experience within the financial markets. He has a BComm from UCD, is a Revenue model: Licensing Certified Charting Analysts and a Qualified Financial Advisor. Scalability: Patrick McClafferty, CFO Previous funding: 5,000 EUR Is a Partner at Nexus Taxation a specialist financial Average monthly revenues: N/A services tax advisory firm based in Dublin which he Planned fundraising: 50,000 EUR founded in March 2015. He has a BComm and MAcc from UCD and is also a Chartered Accountant and Chartered Tax Consultant. Employees, Advisors & Investors: N/A Market What is the need or problem being satisfied? Rather than a customer presenting identity documentation in person to the business or having certified copies endorsed by a notary and sent via the post, ID-Pal provides an app based solution for individuals and businesses to satisfy client due diligence requirements anytime, anywhere in less than 5 minutes. Competitive Advantage: Prevailing industry practice at present is an ad-hoc scanning, printing, certifying and inspecting procedure. RegTech competitors are focused on offering technology specific plug-in solutions for large cap clients to integrate into existing legacy systems. ID-Pal offers a broader suite of verification checks, packaged in a customisable off-the-shelf solution, specifically targeting small to mid-cap businesses via licensing / managed service model. Market Size: Anti-Money Laundering (AML) legislation comes from the EU and applies to all member states. The US would also abide by similar regulation. In the UK alone, over 18 million ID&V transactions last year at average cost of £30/€40 per applicant. Nascent but rapidly growing market.