DirectID eyes international expansion after securing funding

UK-based global credit and risk platform DirectID has completed a $3 million bridge round led by Hong Kong-based venture capital firm QBN Capital, marking the start of a new funding series.

DirectID will use the proceeds to fund its international expansion, having doubled both headcount and revenue over the past year.

Using Open Banking, DirectID’s platform, data, and insight engines provide decision makers with a more comprehensive view of applicants and customers across the credit lifecycle, in turn, enabling more accurate and informed credit decisions.

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.”

The fintech operates across banking, consumer and SME lending, utilities, gambling and gaming, and the gig economy.

QBN Capital senior vice president Philea Chim said it intends to help the firm expand to Asia.

“Their credit risk platform will make SME financing fairer and more accessible,” Chim added.

“We see synergies between DirectID and a number of our portfolio companies and QBN’s own initiatives, for example, in supply chain trade finance.”