Brazilian Startup is among the 100 most innovative Regtech in the world
IDwall, the company that provides identity validation and fraud prevention solutions in an automated manner, was the only Latin American company chosen by Fintech Global as one of 100 innovative Regtech (Regulatory Technology) that all financial institutions should know about. The list gathers startups from all continents and selected the 100 most promising in a group of 824.
Those selected were recognized and rewarded for the disruptive use of technology to generate more efficiency and performance improvements in the compliance environment - especially for financial institutions, which spend tens of billions of dollars in this area each year. The publication also looked at potential cost cuts, ease of implementation, increased revenue, improved customer experience, the impact of the problem solved, and level of technology applied.
Founded in 2016 by Lincoln Ando and Raphael Melo, idwall was born with the intention of building rapport with the digital age through security tools. He went through three rounds of fundraising that totaled $ 4 million and hit break-even less than a year after its foundation.
The company offers products such as an OCR (Optical Character Recognition) for RG and CNH, which is capable of transforming data from a photo into text and using it to search sources that confirm and validate individuals. This process is known as KYC (Know Your Customer) and is one of the biggest problems in fintech's expansion process and service digitization. In addition, the company also has Face Match and Background Check for identity validation.
Fintech Global is a company focused on data collection and market analysis based in the UK and offices in India and the Philippines. The company is known in the market for its research in fintech and for its material aimed at regtech.