• Identity verification solutions provider Data Zoo secured $22.7 million (AU$35 million) in Series A funding in a round led by Ellerston JAADE.
  • Data Zoo will use the capital to help foster broader adoption of its identity verification technology.
  • Headquartered in Sydney, New South Wales, Australia, Data Zoo was founded in 2011. Charlie Minutella is CEO.

International identity verification solutions provider Data Zoo has secured $22.7 million (AU$35 million) in Series A funding. The round was led by Ellerston JAADE, an Ellerston Capital fund; Data Zoo will use the capital to help drive broader adoption of its identity verification technology.

“There’s been a long-standing need for a more efficient and secure way to verify identities,” Data Zoo Founder and Chairman Tony Fitzgibbon said. “Data Zoo has spent years refining its solution – the result has been incredible innovation, UX optimization, and growth in a fiercely competitive market, putting us head-to-head with today’s most established identity providers.”

Data Zoo leverages direct access to authoritative data from more than 170 countries and advanced, logic-driven data sequencing to help institutions automatically verify identities based on the next best source. The company’s technology reduces dropout rates, lowers the total cost of ownership, and helps businesses boost customer approval rates and revenue realization. At the same time, Data Zoo prioritizes data protection and privacy by eliminating identity data storage.

Founded in 2011, Data Zoo is headquartered in Sydney, New South Wales, Australia. The company includes eToro, MoneyGram, and Experian among its partners, and competes in a crowded field of innovators including a number of Finovate alums such as Socure and Jumio. Earlier this year, Data Zoo announced the appointment of former London Stock Exchange executive Charlie Minutella as its new CEO. In a statement, Minutella spoke about the expansion opportunities this week’s investment will enable the company to pursue.

“Data Zoo is well-positioned to expand its footprint because of its patented ability to efficiently onboard a more diverse and global set of customers, meet compliance standards across jurisdictions, and enhance data privacy and protection,” Minutella said. “The investment from Ellerston JAADE will supercharge our capacity to operate in key markets, attract new business, and enter new strategic partnerships.”

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Photo by Nicole Avagliano

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Source: https://finovate.com/identity-verification-solutions-provider-data-zoo-raises-22-7-million-in-series-a-funding/