A.ID, an identity and compliance platform with a focus on high-risk clients, has closed a pre-seed investment round of $500,000 from angel investors including former employees of RobinHood, Square and Snap.
The startup says it is addressing a market that traditional Fintech companies and banking instutions can’t seem to deal with: namely the rise of apparently ‘risky’ customers who are simply dealing in products deemed problematic. A case in point is that the legal cannabis industry grows by 67% every year, and crypto by over 46%. Meanwhile, the unbanked and underbanked population grows every day, but existing financial institutions seem unable to cater to these exploding markets.
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