Posts Tagged ‘online identity verification’

miiCard Raises $2.5 Million Investment To Prove Real Identities Online

Monday, April 30th, 2012

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.

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

For more information please contact Sally Rattray.

miiCard Targets US Market with Digital Passport

Monday, April 23rd, 2012

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.

For more information please contact Sally Rattray.

miiCard Shares Fintech Digital Identity Predictions For 2012

Wednesday, March 28th, 2012

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.

miiCard Expands Global Presence

Tuesday, February 7th, 2012

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.”

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