Online ‘passport’ firm raises £550,000

BUSINESS angels and venture capitalists are pumping £550,000 of seed funding into an Edinburgh-based software firm that is developing a “digital passport” for online shopping.

MiiCard, which is expected to launch a prototype in the run up to Christmas, aims to help shoppers prove their identity when making purchases over the internet.

Chief executive James Varga, right, said the passport would be useful when applying for credit cards online, buying larger items such as sofas or using social networks. Varga said the seed-funding round had been “significantly over-subscribed” and had taken just six weeks to close.

Angel syndicate Par Equity, venture capital group IQ Capital and the Scottish Investment Bank’s Scottish Seed Fund all invested in the company.

Varga added: “We often need to be able to prove our identity online and in real time. MiiCard will do that by offering an alternative to the traditional offline checks of driver’s licence, passport or utility bill.

“There is nothing else on the market today that does this, giving MiiCard a massive opportunity. That is why this funding round has been so well supported.”

Varga has also led the management buy-out of the firm from The One Place Capital, which owns Edinburgh-based personal finance software outfit Money Dashboard.

Chris Traynor, acting chairman of The One Place Capital, said: “MiiCard has attracted a great deal of industry interest and we wanted to ensure it had the space to focus on developing a robust product and getting to market quickly.

“We are extremely impressed with the speed at which James has attracted funding and with the management team he has brought together.”