The online lending process is a common pain point for both businesses and consumers due to compliance, fraud and lack of information. This causes low lead conversion and narrows potential market penetration.
Through their online profiling platform, The ID Co. helps businesses make more informed, quicker and safer credit decisions when on-boarding customers by using online banking data.
Since launching its B2B product in 2015, the company now completes over 25,000 verifications per month for over 30 clients including fast growing online financial services providers such as Prosper, Marlette, Provident and Amigo Loans across a number of countries.
Capitalising on the new Open Banking regulation that enables customers to share their bank account information, the company is now looking to leverage its 6 years worth of data to develop its machine learning techniques and provide predictive financial behaviour analysis.
Backed by IQ Capital, New Wave Ventures and Scottish Enterprise, the company is now raising to further its technical capability and gain market share.