DirectID secures $3m to expand its credit and risk platform

Global credit & risk platform DirectID has kicked off a new funding series, recently completing a $3 million bridge round led by Hong Kong-based venture capital firm QBN Capital.

Having doubled both headcount and revenue over the last year, DirectID will use the newly injected funds to continue with their ambitious growth plans and to expand internationally.

DirectID has developed a credit & risk platform that powers some of the world’s largest brands. Data obtained, with explicit consent, directly from consumer’s bank account is real-time, verified, incorruptible, and guaranteed to be accurate. Applying advanced modelling techniques, DirectID also provides unique insights into customers’ financial status.

Based in the UK, DirectID’s reach is global and rapidly growing, with over 13,000+ bank connections giving them access to 1.5bn users in over 45 countries. The fintech operates across banking, consumer and SME lending, utilities, gambling and gaming, the gig economy, and many more sectors.

James Varga, founder, and CEO of DirectID, said: “We are very excited to have QBN being our lead investor. This funding step will help us grow into more markets and sectors as open banking adoption grows across the world. We are addressing a global pain with our product, redefining credit risk for consumers and businesses alike.”

Philea Chim at QBN Capital said: “We look forward to helping DirectID expand their business to Asia. Their credit risk platform will make SME financing fairer and more accessible. We see synergies between DirectID and a number of our portfolio companies and QBN’s own initiatives, for example, in supply chain trade finance.”