MiiCard, a digital passport outfit that is competing in the Innotribe start-up contest at Sibos this year, has raised £550,000 in seed funding and completed a management buyout.
Angel syndicate Par Equity, venture capital group IQ Capital and the Scottish Investment Bank's Scottish seed fund all took part in the round. Following the MBO, James Varga has been appointed CEO,
Slated to launch in beta ahead of Christmas, miiCard aims to tackle online fraud by providing consumers with a digital passport that can be used to prove that they are who they say they are on the Internet in real time.
The virtual passport is owned and managed by the consumer - costing £1 a month - enabling them to track, monitor and take control of their online identity.
Says Varga: "From buying and selling online to using social networks, we often need to be able to prove our identity online and in real-time. miiCard will do that by offering an alternative to the traditional offline checks of driver's licence, passport or utility bill."
Having been nominated the most promising start-up by the judging panel at the Innotribe contest last year, miiCard is aiming for the main prize in Toronto next month.
The firm is currently running sixth in a public vote entered by over 100 start-ups. The top 10 - chosen by the vote and expert judges - will give five minute pitches to an audience of top bankers at Sibos, with two winners walking away with $50,000 each.