Netherlands-based private equity firm Main Capital Partners has announced the acquisition of a majority stake in management consulting company InnoValor, the creator of ID verification specialist ReadID.

ReadID contributes to the safety of transactions and reduction of fraud worldwide, using verification technology which reads NFC-chips present in identity documents. It also allows ID cards and passports to be verified using a smartphone, for example during the onboarding process of new banking customers or at border control points.

Since April 2019, the ReadID technology has been used by Home Office UK for its EU Settlement Scheme, to confirm the identity of European Economic Area-nationals living in the UK when applying for an immigration status. Since then, more than 6 million applications have been concluded.

Company officials stated that with Main’s experience and extensive network they can expand internationally faster by opening more regional offices, as well as develop their product suite by adding more relevant partners. Their aim is to offer a full suite of identity verification methods in the short term.

InnoValor is a pioneer in remote identity verification technology and was the first to roll out the NFC app when it launched ReadID on Android in 2014 and on iPhone in 2019 respectively. The technology is scalable as it is based on broadly accepted standards such as ICAO.

For more information about ReadID, please check out the company profile in The Paypers Company Database.