AID:Tech has raised USD 3.5 million from Affinidi (seeded by Temasek), through its sister company, to build a digital identity infrastructure.
Nakhla Ventures, angel investors Josue Estrada (COO at Chan-Zuckerberg Initiative), and Richard Wang (Partner at Draper Dragon) also participated in the Series A round. AID:Tech is a blockchain focused fintech, founded in 2016 with the vision of popularising Digital Wallets for payments and pay-outs. Their flagship consumer offering is the Global Wallet Solution (GWS) that assists customers and consumers to process payments and disbursements, using blockchain technology.
The funding will go towards scaling their team in Singapore, relocate their new HQ, focus on growth in Southeast Asia, and increased support for cross chain interoperable Digital ID applications. With their backing, the funding will fuel the company’s mission to provide the infrastructure for secure Digital Wallets for financial services based on verifiable and portable Decentralised Digital ID.
As the need for trusted Digital ID’s and Digital Wallets is increasing, AID:Tech aims to combine these with cryptocurrencies to give users new ways to manage financial services such as insurance, government assistance, disbursements and crossborder payments.
For more info about the company, you can also read our interview with the company's CEO Joseph Thompson here.
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