AID:Tech Raises Series A Funding to Build Digital Identity Infrastructure for Next Generation Crypto Wallets

2021/07/01 Innoverview Read

AID:Tech are excited to announce they have raised a $3.5mn Series A led by Affinidi (seeded by Temasek), through its sister company. Nakhla Ventures and angel investors Josue Estrada (COO at Chan-Zuckerberg Initiative) and Richard Wang (Partner at Draper Dragon) also participated in the round.

The funding will go towards:

- Scaling their team in Singapore

- Relocate their new HQ, and focus on growth in South East Asia.

- Increased support for cross chain interoperable Digital ID applications

The need for trusted Digital ID’s and Digital Wallets are more important than ever before. AID:Tech will combine these with crypto currencies to give users new ways to manage life’s most important financial services such as insurance, government assistance, disbursements and cross border payments.

With their backing, the funding will fuel the company’s mission to provide the infrastructure for secure Digital Wallets for financial services based on verifiable and portable Decentralised Digital ID.

Glenn Gore, CEO of Affinidi said, “AID:Tech has a unique solution that is purpose-built to unify Digital ID and payments In today’s digital-first world, we continue to witness a growing demand for innovative solutions that leverage digital identities and credentials as businesses adapt to changing operating environments. Against this backdrop, we are heartened to witness AID:Tech scaling its business and making strides in the Digital ID space. Our investment in AID:Tech reflects our commitment to contribute to a global ecosystem that utilizes verifiable credentials to create positive impact across various industries.

Draper Dragon’s Richard Wang said, “We expect many consumers and institutions to use AID:Tech products that maximise transparency while using the AID:Tech identity platform and payment wallet.”

AID:Tech is a Blockchain focused fintech, founded in 2016 with the vision of popularizing Digital Wallets for payments and pay-outs. AID:Tech’s Global Wallet Solution (GWS) is their flagship consumer offering.

AID:Tech’s core competencies are developing verifiable credentials for trusted identity management and ownership, to enable customers and consumers to quickly process payments and disbursements, using blockchain technology that reliably processes vast volumes of transactions.

AID:Tech CEO Joseph Thompson said, “By converging payment credentials with cards, our unique solutions make it easy to disburse pay-outs, make payments more secure and protect user’s identities online. Applicable to numerous industries including Insurance, corporate and government disbursements, our infrastructure will also help bring more people into the formal economy who currently have limited or no access to digital financial services.”

AID:Tech Co-Founder Niall Dennehy said, “This round of financing has been the culmination of years of effort. The investors we’ve assembled are extremely strategic, bring massive expertise, and will help us scale our offerings across the globe. We’re committed to bridging the worlds of centralised and decentralised finance, and believe our Digital ID infrastructure can help users traverse that. ”

About AID:Tech

AID:Tech is a technology company leveraging blockchain and cryptocurrencies for Web 3.0. AID:Tech has won multiple awards from the likes of Citi, the IMF, Dubai government. With offices in Singapore and Dublin, AID:Tech cooperates with governmental, institutional and private partners globally. Our vision is to provide Digital ID solutions using the most secure and privacy focused technologies available.

About Affinidi

Affinidi is a core technology company that enables creating, sharing and verification of digital credentials that are portable and verifiable. Affinidi’s solutions empower trusted institutions to issue verifiable credentials to users, who can provide consent to share their credentials with other institutions, applications or service providers, for verification. By sharing these verifiable data credentials, users can access valuable products and services across platforms and geographies in a trusted, open and interoperable manner.

Headquartered in Singapore with a hub in Berlin, Germany, Affinidi works with stakeholders and partners globally to realize the shared goal of driving transformational change and new business models.

As part of its Safe Travel initiative, Affinidi’s Unifier offers a universal, privacy-preserving solution to simply and securely verify digital health credentials to address the increasingly complex environment for international travel.

(Source: AID:Tech AID:Tech Raises Series A Funding to Build Digital Identity Infrastructure for Next Generation Crypto Wallets | by Joseph Thompson | AID:Tech | Jun, 2021 | Medium)