ID-Pal has acquired fellow RegTech NorthRow for an undisclosed sum.
Northrow, based in London, is a know your business (KYB) platform. Dublin-based ID-Pal, an identity verification platform, says the deal brings together two businesses focused on helping organisations meet rising regulatory demands and combat the growing threat of AI-driven document fraud.
Continuous monitoring is becoming more central to compliance frameworks in the UK, Europe and the US, it says.
ID-Pal currently provides AI-powered know your customer (KYC) and anti-money laundering (AML) screening to organisations across Europe, the UK and the US.聽
Its platform operates in more than 250 jurisdictions, covering over 16,000 document types and drawing on more than 400 trusted data sources.聽
By adding NorthRow鈥檚 technology, it will now offer native, end-to-end KYB checks, enabling firms to verify businesses at onboarding and to continuously monitor changes in company structure, directors or status.
The combined platform is designed to give clients a single risk view across both individuals and businesses.聽
NorthRow鈥檚 portfolio includes financial services names such as Caxton, Equifax and Hargreaves Lansdown. They join ID-Pal鈥檚 existing global client list that features government organisations like the Irish Department of Justice, alongside Blackhawk Network, Zurich International, Mercer, U.S Bank, Elavon and a strategic partnership with Salesforce.
鈥淎longside co-founders James O鈥橳oole and Robert O鈥橣arrell, ID-Pal was created to support businesses with accurate identity verification built on privacy preservation,鈥� said聽Colum Lyons (pictured), founder and CEO of ID-Pal.聽
鈥淎s the financial services space becomes more regulated, and with AI-driven document fraud becoming the biggest threat our industry has faced, it is essential that businesses have a unified view of the risks ahead and how to manage them.聽
鈥淥ur acquisition of NorthRow allows ID-Pal to unify this process within one comprehensive platform that defends businesses against fraud at every entry point and avoids noncompliance fines.鈥�
Alana Parsons, chief operations officer of payments company Caxton, added: 鈥淯sing NorthRow鈥檚 technologies, Caxton has seen first-hand the value they bring to compliance processes.聽
鈥淭his acquisition is a great step forward by combining their expertise with ID-Pal鈥檚 award-winning technology to create a powerful platform for the future.聽
鈥淲e鈥檙e excited to start working with ID-Pal and to benefit from the innovation in KYC and KYB risk intelligence that this partnership will deliver.”
For NorthRow customers, ID-Pal said services and operations will continue without interruption.聽
Over the longer term, the company plans to bring the two platforms closer together through a shared roadmap, with the aim of enhancing functionality, increasing client value and strengthening the overall user experience.