truID, a South African fintech startup, has raised an undisclosed investment from Crossfin Ventures to expand operations. grow its customer bases and develop new products.
truID which was founded in 2017 by Dmitry Drabkin, Paris Valakelis, and Christian Schuit, provides financial institutions and fintech startups with reliable and access to customer banking data and information.
Commenting on the new funding, Dmitry Drabkin, one of the founders of truID said: “South Africa sees 3.2 million credit applications per month, each one requiring three months’ bank statements and account verification.
“Our first objective is to expand our services to a greater audience of these affected applicants, who often lose valuable time and money, sourcing the required paperwork”, stated Dmitry Drabkin, Co-founder, truID.
“The company’s simple and secure API brings convenience to consumers while helping financial institutions retain customers, through improved application processing. Their vision for enabling consumers to take control, over their banking information creates immense opportunities for fintech innovation. There are, also, exciting synergies with some of our other portfolio companies, which we hope to explore, over the coming months.”
For Anton Gaylard, Crossfin Ventures COO said that truID’s API brings convenience to consumers while helping financial institutions retain customers through improved application processing.
“Their vision for enabling consumers to take control of their banking information creates immense opportunities for fintech innovation. There are also exciting synergies with some of our other portfolio companies which we hope to explore over the coming months,” he said.
