A.ID, an id and compliance platform with a concentrate on high-risk shoppers, has closed a pre-seed funding spherical of $500,000 from angel buyers together with former workers of RobinHood, Sq. and Snap.
The startup says it’s addressing a market that conventional Fintech firms and banking instutions can’t appear to take care of: specifically the rise of apparently ‘dangerous’ clients 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%. In the meantime, the unbanked and underbanked inhabitants grows on daily basis, however present monetary establishments appear unable to cater to those exploding markets.
Based 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 construct belief: end-users belief firms with their delicate knowledge, whereas firms belief customers to not interact in illegal exercise. We strongly imagine that this sort of belief is crucial, and we see it being eagerly anticipated in all places.”
A.ID says its resolution permits shoppers to confirm their clients’ identities and onboard them, carry out commonplace and enhanced due diligence, display screen people and companies towards watchlists, monitor their funds, create and remedy compliance circumstances, and report suspicious actions to regulators. The consumer can combine it through API (utility programming interface) or use it as an online utility, or SDK.
To this point it counts Arival, a digital financial institution for rising industries, and Clos, a social community for creators for person verification.
“I completely moved to the US in 2017. However I struggled to get the correct consideration from VCs: I fell into a number of classes that had been unpopular with enterprise buyers on the identical time, similar to being a feminine founder, an immigrant founder, and a founder with out technical experience. The corporate that I bootstrapped grew organically till the COVID-19 pandemic killed it. I used the 2020 lockdown to review knowledge science and study to code, and have become a knowledge engineer. In September 2020 I based A.ID,” Romanovskaya instructed TechCrunch.
Romanovskaya grew to become a Twitter celeb 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 trendy good ring with an in-built panic button geared toward girls.
A.ID is headquartered in Los Angeles, California, the US. The European department operates in EU with an workplace in Lithuania.