Online identity verification service miiCard has secured a second round of venture capital funding worth £1.6 million from a mix of investment groups including New Wave Ventures, IQ Capital and Par Equity. The extra money is to try to gain adoption of its ‘digital passport’ among financial institutions and businesses and an expansion into the US.
MiiCard (standing for my internet identity) is an online verification service that allows the individual to control their digital identity and prove that they are who they say they are in real-time. The firm says its check are robust and up to Anti-Money Laundering (AML) standards, eliminating the need for a physical ID check.
"Now, more than ever, we are seeing a huge amount of activity in the marketplace around online identity and trust,” says James Varga, chief executive of miiCard. I believe we can create a level of trust that currently does not exist online, and dramatically change the way we transact on the Internet.”
New Wave Ventures is the only new angel investor in MiiCard, with the other aforementioned venture capital firms having participated in the first round of funding for the company.
By Neil Ainger