A.ID, an identification and compliance platform with a deal with high-risk clients, has closed a pre-seed funding spherical of $500,000 from angel buyers together with former staff of RobinHood, Square and Snap.
The startup says it’s addressing a market that conventional Fintech corporations and banking instutions can’t appear to take care of: specifically the rise of apparently ‘risky’ prospects who’re merely dealing in merchandise deemed problematic. A living proof is that the authorized hashish business grows by 67% yearly, and crypto by over 46%. Meanwhile, the unbanked and underbanked inhabitants grows day by day, however present monetary establishments appear unable to cater to those exploding markets.
Founded by Ekaterina Romanovskaya, a third-time entrepreneur with expertise in each finance and shopper tech, and Justinas Kaminskas, who has launched compliance merchandise in Europe, A.ID is a B2B2C platform.
Romanovskaya mentioned: “Our end-game is to build trust: end-users trust companies with their sensitive data, while companies trust users not to engage in unlawful activity. We strongly believe that this kind of trust is essential, and we see it being eagerly anticipated everywhere.”
A.ID says its answer permits clients to confirm their prospects’ identities and onboard them, carry out customary and enhanced due diligence, display screen people and companies in opposition to watchlists, monitor their funds, create and resolve compliance instances, and report suspicious actions to regulators. The shopper can combine it through API (software programming interface) or use it as an internet software, or SDK.
So far it counts Arival, a digital financial institution for rising industries, and Clos, a social community for creators for person verification.
“I permanently moved to the US in 2017. But I struggled to get the proper attention from VCs: I fell into several categories that were unpopular with venture investors at the same time, such as being a female founder, an immigrant founder, and a founder without technical expertise. The company that I bootstrapped grew organically until the COVID-19 pandemic killed it. I used the 2020 lockdown to study data science and learn to code, and became a data engineer. In September 2020 I founded A.ID,” Romanovskaya informed TechCrunch.
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Romanovskaya grew to become a Twitter superstar Russia when she co-founded a satirical political account criticizing the Kremlin which had 2M followers at its peak. In 2016 she co-founded Nimb, a modern good ring with an in-built panic button aimed at girls.
A.ID is headquartered in Los Angeles, California, the US. The European department operates in EU with an workplace in Lithuania.