Online identity verification service miiCard today announced the completion of a second seed funding round, securing $2.5 million angel and venture capital from a mix of investment groups including New Wave Ventures, IQ Capital and Par Equity, to accelerate growth and adoption of its ‘digital passport’ amongst businesses and consumers.

The substantial investment supports miiCard’s expansion into the US and will enable rapid growth of the business, across a range of markets including financial services, ecommerce, social networking and dating, where trust online is now critical. Such a high level of seed funding for an early stage company reflects miiCard’s strong initial market traction as well as the global acceleration of the online identity verification sector and the realisation of the need to prove real identities on the web.

miiCard (My Internet Identity) is the world’s first independent, commercial identity verification service allowing the individual to control their digital identity and prove “I am who I say I am” online and in real-time, to Anti-Money Laundering standards, eliminating the need for a physical ID check.

miiCard is responding to a growing demand worldwide for a means to prove identity purely online as both the risk and value of transactions on the web escalate. Both the US and UK governments have launched initiatives to tackle the issue, with the National Strategy for Trusted Identities in Cyberspace (NSTIC) in the United States and the UK Identity Assurance Programme, with the aim of validating consumers’ true identities – not just checking information about them.

James Varga, miiCard CEO, comments: “Now, more than ever, we are seeing a huge amount of activity in the marketplace around online identity and trust. With miiCard we can create a level of trust that currently does not exist online, and dramatically change the way we transact on the Internet.

“We’re delighted to have New Wave Ventures on board to help drive our business forward. Along with our existing investors and board members, we have a fantastic team and a unique opportunity to change the way we interact online.”

This is the first time New Wave Ventures have invested in miiCard and its backing builds on an earlier funding round during which miiCard raised over $.75 million from investors including IQ Capital and Par Equity who have reinvested during this current round.

Tim Bullock, co-founder of New Wave Ventures comments: “As the Internet plays a growing role in the way we interact with each other, especially when executing financial transactions, it becomes increasingly important to be able to prove who we are, and quickly and reliably establish who we are dealing with.

“The miiCard team have developed a unique and global solution to this problem, which will facilitate commercial transactions and remove uncertainty from more personal interactions, and we look forward to working with them to develop the business.”

Ed Stacey of IQ Capital Partners, comments: “miiCard has clearly demonstrated an ability to develop rapidly. We’re proud to be continuing to support the company as it positions itself as the market leader in online identity.”

Paul Atkinson of Par Equity, states that: “miiCard has clearly made huge progress over the last few months and we are delighted to be involved as investors. We are looking forward to miiCard being adopted as an industry standard for online identity validation.”

Founded in September 2011, miiCard already supports seven countries and is quickly expanding to meet demand from businesses wanting to improve customer satisfaction, increase conversions and reduce operational costs by enabling consumers to meet identity verification requirements purely online and in real-time. miiCard is looking to grow the existing team, with plans to treble staff in the coming months.

http://www.miicard.com/

Watch the tour video and see how miiCard can create trust online.

For more information please contact Sally Rattray.

miiCard today announced a move to target the US market following increased market traction globally for miiCard’s online identity verification service.  This strategic expansion is in direct response to the Internet’s identity crisis and the US government’s National Strategy for Trusted Identities in Cyberspace (NSTIC) initiative.

Today’s news reflects heightened consumer concern around the issue of online identity in the US and growing demand worldwide for a way to create trust and protect people’s online identity, which was identified as one of 2012’s key technology trends by Deloitte earlier this year.

“miiCard’s pioneering digital passport is the only commercial product able to prove someone’s online identity, not only for financial services but across the board in e-commerce, online dating and social networking,” said James Varga, miiCard CEO, “miiCard puts users in control of their online identity and instantly enables them to create real trust online.”

miiCard lets users prove ‘I am who I say I am’ online, in real-time and with the same level of assurance that a passport or driver’s license carries offline. Owned and managed by the individual, miiCard is a federated identity service that centralizes the management and control of your online identity.

miiCard’s innovative use of Yodlee’s patented Personalized Finance Platform enables miiCard to establish a consumer’s identity by using information only the account holder would know.  Along with a number of additional security measures, including email verification and 2-factor authentication via sms, miiCard can validate a consumer’s identity to the fullest extent of applicable anti-money laundering and know your customer standards.

miiCard’s use of the Yodlee Platform will allow financial services and ecommerce sites around the globe to offer online versions of products and services that have historically required offline identity checks. In addition, miiCard can also be made available as a Yodlee FinApp™, available for distribution across Yodlee’s Personalized Finance Platform and network of banking customers and partners.

“Your financial accounts and transactions history don’t lie,” said Yodlee’s Chief Marketing and Strategy Officer, Joseph Polverari.  “miiCard’s innovative use of the Yodlee Platform will take the friction out of many legacy identification methods, dramatically reducing customer abandonment and making critical products and services more accessible to more consumers around the world.”

James Varga, miiCard CEO, comments: “Right now, digital identity is one of the most talked about technology topics. From social networking to banking, the need to create trust online is becoming ever more important. Our relationship with Yodlee means miiCard is the first commercial solution to the problem of how to prove ‘you are who you say you are’ online.”

Vendors accepting miiCard as proof of online identity benefit from increased conversions by supporting a live and purely online sales process, reduced cost of execution by not having to validate an identity offline or physically, and additional fraud and identity theft protection equivalent to a class 2 verification.

http://www.miicard.com/

For more information please contact Sally Rattray.

Online identity verification service miiCard is today releasing a short video on the predicted impact of digital identity on financial services in 2012. While attending FinovateEurope in London last month, miiCard asked a range of experts in financial services about the role digital identity was going to play over the coming year.

The importance of a customer-centric view of data emerged as a strong trend, with those interviewed stressing the increasing significance of individuals being able to manage and control their identities online. Interviewees also predicted that the need to identify and authenticate users across a range of platforms would become a priority for financial institutions.

These predictions reflect growing awareness of the need to prove identity online. Deloitte’s January report on the Top Technology Trends for 2012 identified digital identity as a key issue, and initiatives geared to tackle these concerns have been launched by both the UK and US governments, with the UK Identity Assurance Programme and the National Strategy for Trusted Identities in Cyberspace (NSTIC) in the United States.

James Varga, miiCard CEO, comments: “The response from the leading fintech innovators has only reinforced, along with the increased activity we have already seen and Deloitte’s own predictions, that digital identity is going to be a core trend this year.”

miiCard was developed out of a need to prove online identity, to the same level of authority as a driving licence or passport would do offline, to make the buying and selling of financial products faster and easier.

The inability easily to authenticate a user’s identity online has long been a significant barrier to trade with between 70% and 90% of all online financial transactions terminated when the customer is required to provide physical proof of identity.

miiCard’s online identity verification allows a consumer to prove that “I am who I say I am” purely online and in real-time, to an Anti-Money Laundering standard, without the need for a physical ID check.

As a user-centric service miiCard gives the individual control over their identity and what information they share. Vendors accepting miiCard as proof of online identity stand to benefit from increased conversions, reduced cost of execution and additional fraud and identity theft protection equivalent to a class 2 verification.

Check out miiCard’s video:Digital Identity in Financial Services in 2012

For more information please contact Sarah Lee.

Today, at FinovateEurope in London, online identity verification service miiCard will announce the global expansion of support for its ‘digital passport’ to include South Africa, India, Australia and New Zealand. The news further boosts miiCard’s already strong start to the year, which has seen a partnership with credit solutions provider Callcredit and TRUSTe Web Privacy certification. This international reach, combined with strategic partnerships, cements miiCard’s exclusive position as the only Electronic Identity and Verification (eID&V) service to prove identity purely online and in real time to anti-money laundering (AML) standard, globally.

James Varga, miiCard CEO, comments: “Proving online identity is the final barrier to global trade. The need to create trust online is a worldwide problem so we are delighted to be rolling out support for miiCard in India, South Africa, Australia and New Zealand. This takes us one step closer to conducting business, protecting consumers and fighting fraud internationally, without resorting to physical offline identity validation.”

A user-centric service, miiCard provides the primary ID verification that is missing from existing eID&V solutions, and can be used as an online equivalent to the offline driver’s licence or passport checks normally conducted in a range of industries like financial services, ecommerce, dating and gambling. miiCard is powered by Yodlee, the leading Personal Finance Management (PFM) solution behind 85% of online users at leading bank and portal sites worldwide.

The Callcredit partnership brings together miiCard’s anti-impersonation technology with Callcredit’s award winning data based electronic verification solutions, to provide an unrivalled level of protection and convenience for consumers and companies wanting to do business purely online.

“Our strategic relationships with Yodlee and Callcredit demonstrate confidence in the miiCard digital passport to change the way we trade and transact online, and we are very excited to be working with them to create trust on the Internet,” Varga says.

FinovateEurope is one of the most influential trade shows for the financial services industry and is designed to showcase the most innovative financial technology products and ideas from established industry leaders as well as cutting-edge startups like miiCard.

Eric Mattson, CEO of The Finovate Group says “We are delighted to bring miiCard back to FinovateEurope for a second year. miiCard’s digital passport innovation is an exciting idea in online identity that has the potential to make a real impact on how retail banks interact online with their customers.”

Opening a new savings account or credit card online is set to become a lot easier thanks to a new partnership between ‘digital passport’ providers miiCard and data specialists Callcredit.

Until now, fraud and money-laundering regulations have meant that customers applying for a financial product online have usually had to follow this up by providing proof of identity and other documents by post.

As a result, up to 90% of sign-ups are never completed – meaning many customers are missing out on the attractive ‘online only’ rates offered by banks.

But in a major step for both consumers and the finance industry, miiCard and Callcredit have joined forces to provide a unique online identity service that removes the need for paper-based checks.

The miiCard (My Internet Identity Card) service allows a consumer to prove their identity online and in real-time, creating the same level of trust as a passport or driving licence. Callcredit’s award-winning identity verification software, which contains data on millions of UK consumers, gives an extra, robust layer of protection that ensures the service meets strict anti-money laundering and fraud regulations.

James Varga, Chief Executive of miiCard, said: “In a digital economy where there is a 70% to 90% drop out rate when selling financial products online as soon as the process goes offline, removing the drivers’ licence, passport and utility bill checks is critical. Creating this level of trust online will not only change the face of financial services but anywhere you need to know who you’re dealing with.”

Graham Lund, Managing Director of Callcredit, said: “At this time of year, many consumers will be looking to get their finances in order for 2012 by taking advantage of competitive online banking offers.

“As a recognised leader in identity verification and fraud prevention, we have been working closely with miiCard to make it easier for customers to complete the sign-up process without compromising compliance with regulations or fraud rates. The new service provides a consumer-focused solution that combines the latest cutting edge technology with the widest range of robust data sources. Today represents a shift in the way consumers and companies will view identity verification in the future.”

miiCard

miiCard, developers of a revolutionary digital passport, have been invited to attend FinavateFall 2011, the high profile banking technology conference, after a highly successful visit to FinovateEurope earlier this year. miiCard CEO James Varga has been asked to speak at the prestigious event, which will be held in New York later this month.

miiCard, which last year signed a strategic development and distribution relationship with Yodlee, the leading provider of online and mobile personal finance management (PFM) solutions, is set to launch in beta before the 2011 Christmas retail season. The product aims to fight internet fraud and protect the consumer by finally solving the issue of trust online. From buying a sofa or selling a bike, to finding a flatmate or applying for a new credit card through the Internet, miiCard allows the individual to prove ‘I am who I say I am’ and create trust when transacting online.

FinovateFall provides a showcase for the most innovative new financial technology products and ideas. The selection process to be accepted is exceptionally competitive and miiCard will appear alongside some of Europe’s most exciting emerging technologies. FinovateFall will provide a powerful platform for miiCard to reach new customers, as well as to form strategic partnerships.

James Varga is looking forward to the conference: “The Finovate events bring together the sharpest minds in financial technology– we thoroughly enjoyed FinovateEurope and it’s a great honour for us to be invited to FinovateFall. The timing is perfect for us at miiCard – the online commerce world is desperate for a solution to the problem of trust – and we’re here to provide the answer.”
miiCard aims to change the way we transact online, by providing a system where proof of identity can be validated entirely online and in real-time. miiCard will make online transactions easier, faster and safer.

Owned and managed by the individual, miiCard allows the consumer to track, monitor and so take control of their online identity for the first time. miiCard costs the consumer just £1 a month and is charged to the vendor on a transactional basis.

For more information please contact: Lauren Cormack.

About miiCard

miiCard is a revolutionary “digital passport”, powered by Yodlee, that enables users to prove their identity online for the first time to the same level of authority as a driving licence or passport would do offline. By creating trust in an environment characterised by anonymity and transient identities, miiCard will open up opportunities for business online and put internet users back in control of their personal information.

The inability easily to authenticate a user’s identity online has long posed a significant barrier to trade. Between 70% and 90% of all online financial transactions are terminated when the customer is required to provide physical proof of identity so it is imperative that businesses find a solution.

miiCard is designed to support ecommerce and eradicate this problem by enabling customers to complete complex transactions online without supplying further proof of ID.
For businesses selling online to consumers, miiCard improves conversion rates, cuts operational cost and fights internet fraud.
miiCard also benefits users and vendors by creating trust between parties in a purely online environment, increasing convenience, consistency and simplicity of shopping online, speeding up transactions, reducing costs, improving customer satisfaction and easing regulatory compliance.

James Varga – Founder and CEO

James is a Canadian entrepreneur with over 15 years of innovative technology and internet marketing solutions. In recent years, he has focused on developing Rich Internet Applications and User Experiences for global audiences. James has worked with leading brands in a range of sectors including Winterthur Life, Centrica Business Services, Thomas Cook and Sky Sports.

Stuart Fraser – CTO

Stuart is one of Scotland’s leading digital security experts. Co-founder of specialist IT security consultancy DNS, recently sold to SecureWorks, Stuart’s early career began in the energy sector working for Conoco, BP and Scottish Power.

miiCard has appointed three key board members, Stephen Brannan, Graham Paterson and David Ball – bringing heavyweight financial services and investment expertise to the company at a vital point in its growth.

miiCard has developed a purely online digital passport service that brings trust to the Internet by proving the user’s identity to the same level as a driver’s license or photo ID. It closed its first funding round and completed a management buyout earlier this month and plans a beta launch later this year. The three new board members recognise that miiCard is at a critical stage in its success path and will bring their own expertise to help it reach its full potential.

Stephen Brannan has spent 15 years at Royal Bank of Scotland, latterly as director of Separation Business Services, and has extensive experience of the international banking industry. After leading the separation of a number of businesses acquired under ABM AMRO as part of the RBS Group’s strategy to return to stand-alone strength, and further disposals dictated by the European Commission in return for state aid, he most recently managed the separation process necessary for Santander to purchase parts of the RBS retail network. Brannan also ran the RBS Cards business from 1999 to 2004, so has a thorough understanding of miiCard’s needs.

A highly respected figure in UK banking, Stephen Brannan will bring expert guidance to miiCard as it builds on its recent funding success and management buyout.

Graham Paterson was one of the founding partners of SL Capital Partners LLP and played a major role in the growth of that business from a team of two, with assets under management of £200 million, to a team of 40 and assets under management of £5 billion. An experienced and decisive senior executive, Graham brings extensive investment experience to the table.
David Ball has held board positions with Tesco Bank and senior roles at HBOS plc and Bank of Scotland, managing IT and business transformation programmes.

Together the three new appointments strengthen the miiCard board enormously, bringing insight and understanding of relevant industries and business management practices.

Stephen Brannan says: “There’s a huge opportunity here – there’s nothing else like this available, and, the timing is perfect – if online commerce is to continue to function properly we need to create secure identity procedures. I know my experience and background in financial services can help miiCard reach its potential, so it will be an exciting time, working with the team to find all the applications for this great product.”

miiCard, the revolutionary digital passport, closed its first funding round on September 1, 2011. Raising a total of £550K seed funding from VC, angel and the public sector sources, the round was significantly oversubscribed and completed within six weeks. At the same time, miiCard completed a management buyout, with James Varga appointed CEO.

James Varga says: “This is a big step forward for miiCard – with a board of this calibre we are ready to take miiCard to the next level. It’s an exciting time and I can’t wait to start changing the way financial products are distributed online. Consumers want convenience and with the help of Stephen, Graham and David we can help give them exactly that.”

Set to launch in beta before the 2011 Christmas retail season, miiCard aims to fight internet fraud and protect the consumer by finally solving the issue of trust online.

Changing the way we transact online by providing a system where proof of identity can be validated entirely online and in real-time, miiCard will make online transactions easier, faster and safer. miiCard can be used as an online equivalent to the normal driver’s license, passport or photo ID checks normally conducted not only in Financial Services but a range of industries such as online trading, dating, gambling and social networking. miiCard provides a new layer of trust previously unavailable in a purely online environment.

Owned and managed by the individual, miiCard allows the consumer to track, monitor and so take control of their online identity for the first time. miiCard costs the consumer just £1 a month and is charged to the vendor on a transactional basis.

For more information contact: Sarah Lee.

About miiCard

miiCard is a revolutionary “digital passport”, powered by Yodlee, that enables users to prove their identity online for the first time to the same level of authority as a driving licence or passport would do offline. By creating trust in an environment characterised by anonymity and transient identities, miiCard will open up opportunities for business online and put internet users back in control of their personal information.

The inability easily to authenticate a user’s identity online has long posed a significant barrier to trade. Between 70% and 90% of all online financial transactions are terminated when the customer is required to provide physical proof of identity so it is imperative that businesses find a solution.

miiCard is designed to support ecommerce and eradicate this problem by enabling customers to complete complex transactions online without supplying further proof of ID.

Owned and managed by the individual, miiCard gives the user security for their personal data, allowing them to track, monitor and thus take control of their online identity. For businesses selling online to consumers, miiCard improves conversion rates, cuts operational cost and fights internet fraud.

miiCard also benefits users and vendors by creating trust between parties in a purely online environment, increasing convenience, consistency and simplicity of shopping online, speeding up transactions, reducing costs, improving customer satisfaction and easing regulatory compliance.

miiCard, the revolutionary digital passport, announced today that it has closed its first funding round and completed a management buyout with James Varga appointed CEO. Raising a total of £550K seed funding from VC, angel and the public sector sources, the round was significantly oversubscribed and completed within six weeks.

miiCard, which is set to launch in beta before the 2011 Christmas retail season, aims to fight internet fraud and protect the consumer by finally solving the issue of trust online. From buying a sofa or selling a bike, to finding a flatmate or applying for a new credit card through the Internet, miiCard allows the individual to prove ‘I am who I say I am’ and create trust when transacting online.

Investment has been secured from angel syndicate Par Equity, venture capital group IQ Capital and the Scottish Investment Bank’s Scottish Seed Fund. miiCard has already generated a huge amount of interest from both financial and commercial sectors and over the coming weeks it expects to make a number of high profile appointments of expert advisors and board members.

The idea behind miiCard is to create trust online in the way that a passport or driving licence does offline, as CEO James Varga explains: “From buying and selling online to using social networks, we often need to be able to prove our identity online and in real-time. miiCard will do that by offering an alternative to the traditional offline checks of driver’s licence, passport or utility bill. There is nothing else on the market today that does this, giving miiCard a massive opportunity.

“That is why this funding round has been so well supported by investors. This is a hugely exciting time for the team at miiCard and we are extremely proud that so much confidence has been shown in us. We know that we have an incredible product with countless applications. We are all looking forward to the coming months.”

Changing the way we transact online forever by providing a system where proof of identity can be validated entirely online and in real-time, miiCard will make online transactions easier, faster and safer.

Owned and managed by the individual, miiCard allows the consumer to track, monitor and so take control of their online identity for the first time. miiCard costs the consumer just £1 a month and is charged to the vendor on a transactional basis.

For more information contact: Sarah Lee.

About miiCard

miiCard is a revolutionary “digital passport”, powered by Yodlee, that enables users to prove their identity online for the first time to the same level of authority as a driving licence or passport would do offline. By creating trust in an environment characterised by anonymity and transient identities, miiCard will open up opportunities for business online and put internet users back in control of their personal information.

The inability easily to authenticate a user’s identity online has long posed a significant barrier to trade. Between 70% and 90% of all online financial transactions are terminated when the customer is required to provide physical proof of identity so it is imperative that businesses find a solution.

miiCard is designed to support ecommerce and eradicate this problem by enabling customers to complete complex transactions online without supplying further proof of ID.

Owned and managed by the individual, miiCard gives the user security for their personal data, allowing them to track, monitor and thus take control of their online identity. For businesses selling online to consumers, miiCard improves conversion rates, cuts operational cost and fights internet fraud.

miiCard also benefits users and vendors by creating trust between parties in a purely online environment, increasing convenience, consistency and simplicity of shopping online, speeding up transactions, reducing costs, improving customer satisfaction and easing regulatory compliance.