Fintech DirectID Raises $3m in Bridge Round

Scottish fintech DirectID just completed a $3 million (£2.2m) bridge round led by Hong Kong based venture capital firm QBN Capital. The firm grew its team and revenue by over 100% in the last year and this investment will help them pursue their ambitious growth plans and expand internationally.

DirectID has developed a market leading credit & risk platform that powers some of the world’s largest brands through the use of Open Banking data.

DirectID provides unique insights into customers’ financial situation, enabling financial institutions to have a more realistic view of credit risk and to make faster, more accurate and personalised decisions.

Based in the UK, DirectID is connected to over 13,000+ bank which represents 1.5bn users in over 45 countries.

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.”