Grant Thornton buys know-your-customer tech venture Valid8Me

Accounting firm Grant Thornton Ireland has acquired a majority stake in Valid8Me and Irish regulatory technology company (Regtech) in a €12.5 million deal.

Ireland-based Valid8Me said it intends to use the new investment to double headcount to 60 next year and accelerate growth in Ireland and abroad

Valid8Me is a digital identity software platform that enables individuals and businesses to securely store, share and manage important know-your-customer data.

It says it can help businesses streamline identity verification and customer registration processes with simplicity, security and control, a major challenge for regulated entities like banks.

Valid8Me says its platform reduces customer onboarding costs by up to 50 percent by using reusable digital identity vaults. It also says it reduces the risk of fraudulent documents and financial crime.

Grant Thornton Ireland Managing Partner Mick McAteer said the platform addresses the needs of clients across a range of sectors including financial services, legal, accounting, wealth management and real estate, among others.

“We look forward to expanding our product and service offerings in these sectors and offering truly innovative solutions to our customers,” he said.

Patrick Horgan, CEO of Valid8Me, said it’s archaic for consumers to repeatedly share sensitive data, often through insecure channels, to prove their identities.

“Our platform addresses a tremendous challenge for businesses by enabling improved anti-money laundering compliance in a radically future-proof and cost-effective way Grant Thornton buys know-your-customer tech venture Valid8Me

Fry Electronics Team

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