miiCard secures £1.6m in funding

Online identity verification service miiCard today announced the completion of a second seed funding round, securing £1.6 million angel and venture capital,. The funding came 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.

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