DirectID receives EUR 9 million investment from Ingka

Friday 24 February 2023 10:10 CET | News

UK-based DirectID has received a EUR 9 million investment from Ingka Investments and will use the funds to improve its credit scoring solutions.


DirectID’s global credit risk score offers advanced data that can optimise credit and risk decisions. Risk managers can leverage this real-time data set to make better decisions, improve efficiency, and improve the value of the entire credit life cycle. In essence, DirectID’s data can help decision makers assess risk with greater efficiency regardless of age, location, and past credit performance. 

DirectID plans to use newly-acquired funds as well as Open Banking data to create advanced predictive models for credit and risk. The current credit risk offering will also be expanded into new markets, while the development of models for each stage of the credit life cycle will be improved. 

DirectID officials expressed their excitement to join Ingka’s investment portfolio and highlighted how this partnership can help improve people’s lives by enabling access to products they need in an affordable way. They also revealed their plans to create the world's first real-time, inclusive, credit score based on Open Finance data. 

Representatives from Ingka Investments commended DirectID for their innovative solution that has the potential to complement and disrupt the traditional credit and risk market while supporting financial inclusion for more people. Ingka Group owns and operates IKEA sales channels under franchise agreements with Inter IKEA Systems B.V. It has three business areas, namely IKEA Retail, Ingka Investments, and Ingka Centres. 


UK-based DirectID has received a EUR 9 million investment from Ingka Investments and will use the funds to improve its credit scoring solutions.


More information about DirectID

DirectID is a global credit and risk platform aimed at helping risk managers make better and quicker decisions by providing open banking data and predictive models. Decision makers rely on DirectID’s solutions to access real-time data in order to optimise credit risk decisioning. 

DirectID is an early Open Banking adopter and works with some of the world’s largest brands. In June 2022,  Shieldpay has implemented DirectID’s Open Banking-supported bank account verification solution. Working together, DirectID’s Connect widget and Shieldpay's payment engine allowed customers to transfer funds online with digital escrow and trust services. The merger between these services enabled seamless identity verification during transfers thus improving the Shieldpay customer experience without sacrificing security. 

Through this partnership, DirectID’s 13,000+ bank connections were made available to professional services businesses relying on Shieldpay to transfer money in client fees and project finances, as well as marketplaces bringing more security and digital escrow (fund holding) services to their buyers and sellers.

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Keywords: Open Banking, investment, funding, financial inclusion, fintech, credit scoring
Categories: Fraud & Financial Crime
Companies: DirectID, Ingka
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime




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