Although the major identity management technologies are American, in 2016 we have detected several European operations in the sector. The application we have detected that is growing the most is related to online banking.
European companies that have received rounds in 2016
MoQom, €3M
The Ireland-based company has developed a mobile identity and authentication management service for the banking industry that enables banks to implement multi-factor authentication and manage customer identity through channels such as SMS, video, apps or the phone.
Founded in 2007, in 2014 it participated in Mastercard's accelerator programme and closed a €350,000 round in 2014 and a €3M round in 2016.
It will use the proceeds of the latest round to grow internationally - it currently has a presence in London and Ireland - and to make improvements to its technology.
Tide, a company founded in 2016 that received €2M in 2016.
Tide is an application that wants to become the bank for SMEs, companies will create an Id and will be able to operate as if it were their bank. This London-based company was created in 2016 and received the $2M round in the same year. The round was led by Passion Capital and business angels have also participated in it.
Ensygnia receives its ninth round worth €1.5M
Ensygnia specialises in identity management, mobile payments and cybersecurity. Its flagship product Onescan, launched in March 2014, is a secure cloud-based (SaaS) transaction platform with a standalone mobile app that can be downloaded by consumers or embedded into retailers' existing mobile apps. The solution authenticates each transaction via a customer PIN and an encrypted and verifiable QR code (2D barcode) generated and distributed by the platform on individual merchant websites, which can be scanned by individual app users through their mobile camera lens.
European investors in the sector
We have also detected that European investors are investing in identity management technologies in the rest of the world. Among them are banks that do not want to miss the opportunity to jump on the fintech bandwagon.
Thus, Santander Bank has taken a stake in the American company. Socurea start-up specialising in digital identity verification, which uses customer data available on the internet - such as social media - to accurately confirm identity. Its technology is used by financial institutions to open bank accounts and issue credit or debit cards.
BBVA has entered into CivicThe new service, a service for managing the identity of internet users on the web, allows them to "protect and authorise" the use of their personal data in real time.
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