Capital fintech firm to showcase wares in Big Apple

An Edinburgh-based open banking pioneer has been selected to join a fintech trade mission to New York next week.

James Varga: excited to have been selected for trip. Picture: Chris Watt

The ID Co will be showcasing its technology to the US market and engaging with stateside regulators after being chosen by the Department for International Trade to join the trade mission to Empire FinTech Week, which takes place in the Big Apple from 16 to 20 April.

Established in 2010, The ID Co’s platform uses live data from customers’ online bank accounts to inform third-parties about spending behaviour, allowing them to make decisions based on real time information, rather than a traditional credit score.

Recruitment for the trade mission ran across the whole of the UK in February. A total of 134 applications were received from market-ready fintech businesses.

James Varga, chief executive of The ID Co, said: “Ahead of our expansion into the US later this year, we are very excited to have been selected for this programme. It is a fantastic opportunity to join an exclusive set of high profile fintech companies looking at the US market.

“Given the open banking global trend following PSD2 in Europe, we are particularly excited to speak to the industry, regulators and investors on how opening up access to bank data is disrupting the market. It’s a great opportunity to showcase how data can fundamentally change the customer onboarding, lending and consumer engagement process and our business service, DirectID.”