The ID Co. Lands $2 Million

Bank data expert The ID Co. boosted its funding total to $11 million this week after closing on $2 million (£1.5 million). Headline investors in today’s round are Amadeus Capital Partners and SixThirty.

The company, which already has clients in 30 countries, said the funding will fuel further global growth. CEO James Varga said, “We are hiring fast and entering new markets and geographies across the globe. The recent launch of DirectID Insights and Income Verification means that we are in an excellent place to capitalise on the need for greater efficiency in lending practices to reflect borrowers’ expectations.”

The ID Co. has two main branches, DirectID, its B2B offering, and NoMo, its B2C product launched last fall. DirectID’s product lineup includes Insights, a dashboard that displays data to assist underwriters in lending decisions, and Income Verification, a tool that combines real time data with six algorithms to offer a clear picture of clients’ income. In addition, the company offers an onboarding solution, a categories and classifications engine, and a bank account validation tool.

James Varga, CEO (right), and Lazaro Campos, Chairman

The ID Co. was prepared for the onset of the U.K.’s Open Banking mandate well before it came into play last January. Atul Kamra, Managing Partner of SixThirty said, “James and The ID Co. team have gotten a real nice head start here, and are well positioned to take advantage from the regulatory tail winds afforded by Open Banking.”

Varga added, “The financial world is being fundamentally changed through Open Banking. It improves our understanding of each individual, allowing us to move away from traditional credit reference agencies.” Varga last demonstrated miiCard’s identity as a service capabilities at FinovateFall 2013.

Launched as miiCard in 2011, the company pivoted to The ID Co. in 2016. Within the last year, the company has launched its Open Banking API, released its NoMo consumer cashflow tracking app, and unveiled its Income Verification solution.

Meet The ID Co: miiCard Rebrands as DirectID Spurs Growth


In rebranding as The ID Co., James Varga’s identity-verification startup will be better poised to provide businesses and consumers with better fraud protection, faster onboarding, and easier, safer login and checkout capabilities. DirectID and miiCard will serve as The ID Co.’s two core business units, with miiCard Digital Passport “helping consumers own and manage their identities,” Varga explained, and DirectID B2B “more deeply embedding identity in business processes.”

“Our mission is to create a layer of trust online, a digital world where you can trust that people really are who they say they are,” he added. “Our new company name represents who we are, and better reflects our mission to help solve one of the greatest challenges of our time.”

Growth of The ID Co.’s DirectID B2B service in particular helped drive the rebranding decision. Currently deployed at leading banks, wealth management firms, and online lenders, the technology helps improve onboarding conversion rates, reduce fraud and improve underwriting accuracy by factoring in data sources such as Bank Verified Identities and financial transaction histories.

Launched in the fall of 2014, DirectID provides an “all-in-one solution” that is especially effective for the affordability testing in high-value, online transactions. The company’s consumer platform, miiCard (My Internet Identity Card) provides a “consumer-centric identity” for online and mobile users, including a digital passport being piloted with the National Strategy for Trusted Identities in Cyberspace and the state of North Carolina.

Founded in 2011 and headquartered in Edinburgh, Scotland, The ID Co. demonstrated miiCard Identity as a Service at FinovateFall 2013. The company has raised more than $9 million in funding and was an inaugural member of  fintech accelerator, SixThirty. Vargas sat down with American Banker last summer to discuss the challenges of online identity verification and the role of banks as a “source of trust.”

Finovate Alumni News


  • “Ask Finovate: Who’s Who in Voice Banking Technology?”

Around the web

  • American Banker talks with miiCard CEO James Varga on how miiCard creates “digital passports” for consumers to prove their identities without oversharing information.
  • Pymnts considers Mitek’s latest acquisition.
  • Canandaigua National Bank & Trust hires Insuritas  to expand the bank’s existing insurance agency with its omni-channel, insurance-agency platform.
  • Payoneer expands presence in India.
  • LendingTree adds Ascend Consumer Finances to its personal loan-lender network.
  • EyeVerify partners with Olcsan CAD Technology to bring eye-vein biometric technology to Turkey.
  • StrategyEye interviews Jens Saltin, Klarna’s head of expansion.
  • The Telegraph’s column on the high cost of bank transfer fees highlights TransferWise.
  • T24 Islamic core banking solution from Temenos now available as cloud-based service.
  • Dwolla ditches the quarter, stops charging 25-cent transaction fee.
  • Arxan extends its application-protection platform to support apps built on Android on Intel Architecture.
  • Xero reaches 500,000 customers for its cloud accounting service, sets sights on 1-million-customers milestone.
  • VentureBeat names Prosper, Lending Club, and TransferWise in list of billion-dollar companies.
  • Finaeos forges partnership with Tata Consulting to help SMBs take advantage of Regulation A+ of the JOBS Act.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News


  • DRAFT, Fidor US, Roostify to Present Solutions at Yodlee Ynext Incubator
  • $680 Million Raised by 29 Alums in Q1 2015

Around the web

  • BizJournals lists BancVue as one of Austin’s Best Places to Work in 2015.
  • American Banker interviews James Varga, CEO of miiCard, on sharing identity information.
  • Motif adds new trading alerts.
  • P2Binvestor selected as new network company by Blackstone Entrepreneurs Network Colorado (BENCO).
  • MaineBiz takes a look at CashStar and its new offices in downtown Portland.
  • Mountain America rolls out its new biometrics login technology courtesy of EyeVerify.
  • Fuze Networks acquires LiveMinutes’ online workspace platform.
  • Jwaalla celebrates signing its 100th credit union client, Palisades FCU.
  • Business Insider looks at how Klarna and its one-click payment technology could help save the newspaper business.
  • Reid Hislop tapped as new chief marketing officer at Avoka.
  • Inc. Magazine features CEO Blake Hall in a column on veteran entrepreneurs.
  • talks crowdfunding and real estate with Jason Fritton, Patch of Land CEO.
  • Financial News interviews Ripple CEO, Chris Larsen on the future of the financial infrastructure.
  • SocietyOne has originated more than $30 million on its platform since launching in 2011.
  • Prosper announces record first quarter, with $595 million in loans through the platform, up 200% from Q1 2014.
  • WattzOn to help Montana residents save on energy expenses via the Bozeman Energy Smackdown.
  • Larky selected by the Kentucky Bankers Association to provide mobile local rewards program for member banks.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News


  • itBit Raises $25 Million, Earns New York State Trust Charter Ahead of Finovate Debut Next Week in San Jose

Around the web

  • The Fiscal Times features Wealthfront, Betterment, Personal Capital, FutureAdvisor, SigFig, and Motif Investing in a column on the rise of the robo-adviser.
  • FierceFinanceIT highlights Lending Club and Prosper in its look at growing investment in P2P lenders by Wall Street.
  • Version 3.5 of Wallaby Financial’s new Android app provides ambient alerts to help consumers save on gasoline.
  • MiiCard CEO James Varga quoted in a column on Edinburgh’s tech pioneers.
  • CAN Capital reaches milestone of $5 billion in working capital facilitated through its platform.
  • Report on fintech in The Economist references Lending Club among key disruptors.
  • Nokia partners with Checkpoint for telco cloud security.
  • MyECheck completes acquisition and integration of Seergate.
  • Yodlee adds LearnVest acquirer, Northwestern Mutual, as client.
  • Javelin Strategy & Research lists 4 trends to watch at Finovate next week. Come see them unfold live at FinovateSpring 12/13 May.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News


  • AuthenticID Teams Up with MyECheck to Provide Document Authentication

Around the Web

  • OEM agreement between Kofax and BlackHawk Network enables mobile capture on GoWallet digital wallet.
  • Early Warning and BioCatch to collaborate in new data-sharing consortium.
  • Q2 teams up with Acculynk to provide real-time P2P payment service.
  • The Netbanker Blog is Moving to
  • Lending Club and Citi partner with Varadero Capital to facilitate up to $150 million in loans to provide affordable credit to underserved borrowers and communities.
  • Options trading tool, Orca, partners with Tradier for its Brokerage API.
  • Prosper and OnDeck partner to offer customers more lending options.
  • GDS Link integrates MiiCard’s DirectID into its Credit Risk Management platform to reduce risk and increase conversion rates.
  • Lendio acquires Business Bounce to accelerate business lending on its marketplace platform.
  • PaySimple awarded Marketing Team of the Year by Marketo.
  • TechCrunch reports: SecondMarket launching product to put more control over secondary sales in the hands of startups.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

SixThirty Accelerator Deadline Extended to February 6


SixThirty Accelerator is extending the deadline for its spring 2015 incubator class to Friday, February 6th.

SixThirty has played a role in the development of two Finovate alums: miiCard, which was a part of the Fall 2013 cohort, and Gremln, a participant of the Spring 2014 class.

Co-founded by Jim McKelvey, SixThirty invests up to $100,000 per selected company, for a total of $800,000 a year in late seed-stage, financial startups. Through the four-month program, SixThirty provides companies with expert mentorships and the opportunity to network and connect with the region’s FI ecosystem, which includes MasterCard, Wells Fargo, and Scottrade.
The spring 2015 cohort will be announced at the end of February.

Finovate Alums Fill Ranks of KPMG’s Fintech Innovators for 2014

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Draw up a list of the top fintech innovators of 2014. Got it? Now tell me how many of your top 50 companies are not just impressive companies in their respective fields, but Finovate alums, as well.

If you are global accounting and consulting group, KPMG, then the answer is “more than half.”

Of the 50 companies recognized by KPMG in its 2014 review of top fintech innovators, 27 have demoed their technologies at Finovate conferences. And of that 27, 13 have won Best of Show at least once.
The inaugural “50 Best Fintech Innovators” report is a joint venture between AWI Ventures KPMG Australia and the Financial Services Council (FSC). 
The companies chosen were selected based on four factors: total capital raised, rate of capital raising, degree of sub industry disruption, and “degree of product, service, customer experience and business model innovation.” 
Writing in an introduction to the report, AWI Limited CEO Ben Heap explained why fundraising played such a prominent part of the selection process.
“These assessment criteria reflect the fact that venture capital invested is a relevant measure of innovation which in turn fuels enduring competitive advantage,” he wrote. 
“Venture capitalists seek this enduring competitive advantage over and above everything else.”
Here’s a breakdown of Finovate alums in the list, in order of appearance, along with links to their most recent demo video. Boldface indicates Best of Show winner.
“Ones to Watch” 
See the full list of companies here.

Alumni News– September 29, 2014

  • and Wallaby launch the WalletUp mobile app to help consumers maximize credit card rewards.
  • LendingRobot will now manage up to $10,000 for free.
  • Billhighway debuts at #1 on Detroit Free Press Top Workplaces List in Small Business category.
  • miiCard participates in NSTIC Pilot for State of North Carolina eID Program.
  • Birdback brings card-linked offers to US and Brazil.
  • Smart Tuition and peerTransfer partner to help International tuition payers.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News– September 18, 2014

  • Finovate-F-Logo.jpgLighter Capital increases capital base to $17 million & completes 50th loan.
  • Mint launches on iOS 8 with Touch ID.
  • miiCard participates in NSTIC Pilot for State of North Carolina eID Program.
  • Billhighway wins 2014 “Metropolitan Detroit Best & Brightest Company to Work For”.
  • Ping Identity raises $35 million in round led by KKR.
  • MasterCard announces launch of SimplifyCommerce in Ireland.
  • Monitise and BlackBerry launch BBM Money service for Indonesia consumers using Android, iOS, or BlackBerry smartphones.
  • Coinbase unveils its open source, bitcoin API, Toshi.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.