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IDPartner raises $3.1m for bank-based ID verification system

IDPartner raises $3.1m for bank-based ID verification system

IDPartner, a startup providing online identity verification through a network of financial institutions, has raised $3.1 million in a seed funding round led by Abstract Ventures.

Foundation Capital, Circle Ventures, Firsthand Alliance, Correlation Ventures, Success Venture Partners and Aleo joined the round.

Founded by former Santander identity and payments staffers, IDPartner collaborates with OneID UK, Akoya and others to create a product that allows individuals to control their digital identities and choose a preferred identity verification partner from a network of trusted providers, including banks and other financial service firms.

The system is inspired by the BankID ecosystem in the Nordics, which has 99% adoption, is used several times daily by the average person, and has reduced fraud to nearly zero. BankID Norway is an early participant in the IDPartner marketplace, which will offer verification through most major banks in the United States, United Kingdom, and elsewhere.

Rod Boothby, CEO, IDPartner, says: "By giving banks the tools to manage digital identity as a new asset class and by aligning marketplace incentives to drive adoption by companies and users, we can transform the most frustrating identity journeys into an experience as easy and familiar as social login.

"We are building an accessible, assured digital identity layer for the internet that empowers people and protects everyone from fraud and cybercrime."

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