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A fintech start-up, truID has bagged an undisclosed funding round to help it expand its base of operation and further help grow its customer base, as well as develop more of its products.
Founded by three individuals; Dmitry Drabkin, Christian Schuit and Paris Valakelis, the fintech start-up, truID is an open banking technology that seeks to help financial service providers, securely access consumer’s verified banking data.
Through the start-up’s Connect API, consumers can freely, (on consent), share their bank statements, transaction history and other relevant information, with third-party providers, without fear of having their details stolen or hacked.
“South Africa sees 3.2 million credit applications per month, each one requiring three months’ bank statements and account verification.
Our first objective is to expand our services to a greater audience of these affected applicants, who often lose valuable time and money, sourcing the required paperwork”, stated Dmitry Drabkin, Co-founder, truID.
“The company’s simple and secure API, brings convenience to consumers, while helping financial institutions retain customers, through improved application processing.
Their vision for enabling consumers to take control, over their banking information creates immense opportunities for fintech innovation.
There are, also, exciting synergies with some of our other portfolio companies, which we hope to explore, over the coming months”, Drabkin further stated.
He concluded by stating that, customers are the primary benefactors of truID, as it comes in threefold.
“Consumers gain access to a host of new products and services, built to meet their personal needs; banks enhance their services, by bringing in trusted third-party providers that use consumer data for product development and innovation; and there’s a knock-on benefit, to the broader economy, through the elimination of a number of forms of fraud, including bank statement fraud”, Drabkin concluded.
Featured Image: finovate
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