Welcoming biid to FinTech Connect!
biid is a “mobile identity” platform that secures and protects digital infrastructures while allowing users to easily authenticate online, authorise transactions, sign legal documents and provide consent, in accordance to new EU and UK directives and regulations such as eIDAS, GDPR, PSD2 and Open Banking.
Year Founded: 2015
How did the idea for the business originate?
The company was initially founded as a corporate spin-off of a larger organisation in Spain called Firmaprofesional (FP), which is a leading “Qualified Trust Service Provider” according to the European eIDAS regulation.
biid was founded after FP was adjudicated the public Tender to deliver Digital Identity to the citizens of Barcelona. The company designed and developed the “Mobile ID” service to legally identify digital users and allow them to transact online with the public administration.
Do you have customers yet? If not, how far into your business lifecycle are you?
Yes, we currently have 5 live customers including local governments, financial institutions and other private organisation in Spain and the UK.
How have you funded your growth to date?
To date we raised ~ €2M as a combination of investments from our current shareholders as well as loans and subsidies from the Spanish Government.
Our shareholders include Firmaprofesional, a group of internationally respected Angel investors and a couple of Spanish professional associations that are also customers of biid.
What would a successful year look like for you?
Continuing along the growth path we started in 2017, when we implemented the first international roll-out with a global Private Bank.
We are also currently raising our first round of external investment and we are seeing some very exciting opportunities in the UK and Europe in general.
We are aware that the Cyber Crime problem we are trying to solve is extremely important and urgent, for our industry but also for our society in general. We are observing many signs telling us we are on the right track to contribute to the final solution.
Outside of your own business, which start up do you admire the most and why?
There are many great start-ups in Europe, across several sectors, that have been built to solve real important issues and have solid foundations.
I would rather say that the type
of start-ups I admire most are the ones that look at profitability and building
a solid and sustainable business from day 1, rather than the ones that simply
live between funding rounds and have built a model around pure customer
acquisition, with the “hope” that scale will also bring a viable business
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