IDPartner, a startup focused on online identity verification through a network of financial institutions, has secured $3.1 million in a seed funding round led by Abstract Ventures. Participating in this round were Foundation Capital, Circle Ventures, Firsthand Alliance, Correlation Ventures, Success Venture Partners, and Aleo.
Founded by former employees from Santander, specializing in identity and payments, IDPartner collaborates with OneID UK, Akoya, and others to develop a solution that enables individuals to manage their digital identities. Users can select their preferred identity verification partner from a network of trusted providers, including banks and other financial service firms.
The initiative takes inspiration from the BankID ecosystem in the Nordics, which boasts a 99% adoption rate and is utilized multiple times daily by users, leading to a significant reduction in fraud. BankID Norway is among the early participants in the IDPartner marketplace, which aims to provide verification through most major banks in the United States, United Kingdom, and beyond.
Rod Boothby, CEO of IDPartner, stated, “By giving banks the tools to manage digital identity as a new asset class and 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 individuals and safeguards everyone from fraud and cybercrime.”