a.id Secures Pre-Seed Funding for High-Risk ID Verification

A.ID Secures $500,000 Pre-Seed Funding

A.ID, a platform specializing in identity and compliance solutions for high-risk clientele, has successfully completed a $500,000 pre-seed investment round.

This funding was provided by angel investors, including former personnel from companies like RobinHood, Square, and Snap.

Addressing an Underserved Market

The startup is focused on a segment often overlooked by traditional financial institutions and fintech companies: customers involved in industries considered “risky” or dealing with “problematic” products.

Significant growth is occurring in sectors like legal cannabis, which is expanding at a rate of 67% annually, and cryptocurrency, experiencing over 46% growth.

Simultaneously, the number of unbanked and underbanked individuals continues to rise, yet established financial entities appear ill-equipped to serve these rapidly expanding markets.

Founding and Leadership

A.ID operates as a B2B2C platform.

It was established by Ekaterina Romanovskaya, a serial entrepreneur with a background in both finance and consumer technology, alongside Justinas Kaminskas, an expert in European compliance product development.

Building Trust Through Compliance

“Our primary objective is to foster trust,” stated Romanovskaya. “Users need to trust companies with their sensitive information, and companies, in turn, must trust users to operate within legal boundaries.”

She emphasized the critical importance of this trust and the widespread anticipation for solutions that can deliver it.

Core Functionality and Services

A.ID’s solution provides clients with the ability to verify customer identities and facilitate onboarding processes.

It also enables standard and enhanced due diligence, screening against global watchlists, payment monitoring, compliance case management, and reporting of suspicious activities to regulatory bodies.

Integration is flexible, offering options via API, web application, or SDK.

Current Clients

Currently, A.ID’s client base includes Arival, a digital bank focused on emerging industries, and Clos, a social network designed for content creators.

Both companies utilize A.ID for user verification purposes.

Founder's Journey and Inspiration

Romanovskaya shared her personal experience with funding challenges. “After relocating to the U.S. in 2017, I encountered difficulties attracting venture capital.”

She noted being categorized as a female founder, an immigrant founder, and a non-technical founder contributed to these challenges.

A previous bootstrapped venture was impacted by the COVID-19 pandemic, prompting Romanovskaya to pursue data science and coding skills, ultimately leading to the founding of A.ID in September 2020.