Irish identity verification platform ID-Pal has acquired NorthRow, a company specialising in know your business (KYB) solutions. The financial terms of the transaction have not been disclosed.
The acquisition aims to integrate KYB capabilities into ID-Pal’s existing platform, which already provides know your customers (KYC) and anti-money laundering (AML) compliance tools.
NorthRow had previously announced a strategic review in April, during which it stated it would explore “all its options, such as a growth investment and a full sale of the business”, ultimately leading to its acquisition by ID-Pal.
ID-Pal was founded by CEO Colum Lyons in 2016 and offers identity verification and compliance solutions to organisations across Europe and the US. The platform enables KYC and AML screening spanning approximately 16,000 document types with access to over 400 data sources.
The company says the addition of NorthRow’s KYB tools will enable clients to “verify businesses and continuously monitor changes in their structure, directors, or status”.
This integration is intended to streamline compliance processes and offer a unified view of risks associated with both individual and business customers.
The acquisition also broadens ID-Pal’s client base, adding financial service companies such as Caxton, Equifax, and Hargreaves Lansdown, alongside existing clients like the Irish Department of Justice, Blackhawk Network, and Salesforce.
ID-Pal adds that “services and operations will continue without interruption” for NorthRow, with plans to further integrate the two platforms over time.
Source: https://www.fintechfutures.com/
