Irish regtech startup Valid8Me has received a €12.5m (£10.6m) investment from Dublin-headquartered businesses services company Grant Thornton Ireland to fund its expansion into the UK and EU.
Cork-based Valid8Me provides software for people and businesses to store know your customer (KYC) related data.
“The idea that consumers repeatedly share their most sensitive data, often through insecure channels, to prove their identity is archaic. Valid8Me is fundamentally different, we empower consumers to maintain a reusable digital identity that can be used universally across all industries.,” said Patrick Horgan, CEO, valid8Me.
Founded in 2019, Valid8Me’s platform lets a person reuse their digital identity across different businesses.
According to the company the average bank spends $60m each year on KYC compliance.
Steve Tennant, head of financial services advisory, Grant Thornton Ireland, said: “KYC and the process by which businesses look to onboard and verify client identities is broken.
“We deal with an increasing number of clients who are extremely challenged by the resource overhead in complying with AML & KYC regulatory obligations.”
Valid8Me is the latest regtech startup to recieve funding, with Sony participating in Clausematch’s £8.7m round last month.
The adoption of digital identification has also seen an uptick. In May, digital ID app Yoti partnered with the UK Cinema Association to use its tech as a valid method of age verification.