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UK and Irish KYB shops breaking into US market

UK and Irish KYB shops breaking into US market

In one of the safer industry predictions, an Indian consulting company has said the market for regulation-related software is going to grow almost 20 percent compounded annually for the next six years.

Two ID verification companies announced plans to bring their software and services to the United States for a bigger share of that growth.

The first, Dublin, Ireland-based startup ID-Pal, claims to handle 6,000 identity documents and 200 verified address data sources in 200 countries and jurisdictions. ID-Pal reportedly sells to 30 industry sectors.

It is not known how many of those are in the U.S, but the company says that 15 percent of its revenue is generated there. Thirty percent comes from the United Kingdom, according to the company.

Privately held ID-Pal entered the United Kingdom last year with off-the-shelf know-your-business, know-your-customer and anti-money laundering software for small and medium-sized businesses with some enterprises.

Company executives claim their software is more simple, secure and convenient than its KYC competitors’.

Startup funder Enterprise Ireland gave ID-Pal financial support, according to a statement issued by Colum Lyons, CEO and founder of the company.

The firm has raised €8 million, or US$9.6 million, in five rounds. It appears that the last funding was a €7 million series A round last summer to fund international growth.

UK-based startup Detected, a purer KYB play, says it, too, has come ashore in the United States. Executives say they offer direct access to information about businesses globally.

“It is notoriously difficult for UK businesses to make it in the U.S., but we are going to do the same as we have [since founding in 2020]. Focus on the value the technology we have built,” says Liam Chennells, CEO and founder of Detected.

Chennells closed a £2.5 million ($3 million) seed round in January from several investors including Thomson Reuters’ corporate venture unit.

This kind of activity matches with industry predictions made by Exactitude Consultancy, a unit of India-based Ameliorate Digital Consultancy.

Its research, published last spring, indicates that the regulation-technology sector will grow 17.55 percent compounded annually globally from 2023 to 2029. That would be a rise from $6.5 billion last year to $28.8 billion in 2029.

Regulatory complexity will grow thicker over the period and more growth will occur in data privacy and security.

Juniper Research posted its own forecast last spring, saying spending on regulatory compliance would grow from $68 billion in 2022 to $204 billion in 2026.

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