The blockchain start-up plans to build out its team in Singapore as it focuses on the south-east Asian market.
Irish blockchain start-up Aid:Tech has raised $3.5m in a Series A round to build its digital ID wallets.
Aid:Tech develops the infrastructure to build secure digital wallets that manage decentralised digital IDs for accessing and managing cross-border payments, insurance credentials and government assistance. Its main product is called Global Wallet Solution.
The funding round was led by Affinidi, a digital identity company established by Singapore’s state investment firm Temasek. There was participation from Nakhla Ventures as well as Josue Estrada, who is COO at the Chan Zuckerberg Initiative, and Richard Wang, who is a partner at Draper Dragon.
Aid:Tech first came on the scene with a solution for managing and distributing aid payments in refugee camps and raised €1m in 2018. It is now developing interoperable digital wallets for various uses.
“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,” chief executive Joseph Thompson said.
“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 will use the new funding to further develop its portable digital ID tech. According to the company, interoperability is key to any successful uptake of digital IDs as they must be compatible with different services and be easily accessible for all people.
As well as its office in Dublin, Aid:Tech has a base in Singapore and plans to expand the team there on foot of the new funding. It will be focusing its efforts on the south-east Asian market.
“This round of financing has been the culmination of years of effort,” co-founder Niall Dennehy added.
“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.”
Lead investor Affinidi is focused on developing this type of digital ID infrastructure.
Affinidi chief executive Glenn Gore said Aid:Tech is well placed to take advantage of growing interest in digital IDs.
“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 utilises verifiable credentials to create positive impact across various industries.”