Data Zoo, a leading provider of global identity verification solutions, today announced approximately $22.7M (AU$35M) in Series A funding from Ellerston JAADE, an Ellerston Capital fund.
The raise will help Data Zoo drive adoption and innovation of its identity verification software, which provides direct access to authoritative data from over 170 countries; features advanced data sequencing to improve efficiency and maximize conversions; and prioritizes data protection and privacy by eliminating identity data storage.
Data Zoo outperforms in improving customer approval rates and revenue realization through its access to global data and logic-driven data source sequencing, which automatically verifies or retries identities against the next best source, reducing dropout rates and lowering the total cost of ownership.
Data Zoo’s vision is to provide a global, efficient, secure alternative to legacy solutions while enhancing KYC/KYB compliance and fraud prevention. As part of the raise, Data Zoo – which is trusted by leading financial institutions, payment providers, and fintechs – plans to continue to expand its operations globally.
“There’s been a long-standing need for a more efficient and secure way to verify identities. Data Zoo has spent years refining its solution – the result has been incredible innovation, UX optimization, and growth in a fiercely competitive market, putting us head-to-head with today’s most established identity providers,” said Tony Fitzgibbon, founder and Chairman of Data Zoo.
“Ellerston JAADE spotted an opportunity in Data Zoo’s proven ability to help global firms verify consumer and business identities, reduce fraud, and meet global compliance standards.”
The raise follows the recent appointment of former London Stock Exchange Group (LSEG) executive Charlie Minutella as Chief Executive Officer in February 2024.
“Data Zoo is well-positioned to expand its footprint because of its patented ability to efficiently onboard a more diverse and global set of customers, meet compliance standards across jurisdictions, and enhance data privacy and protection,” said Charlie Minutella, Chief Executive Officer at Data Zoo. “The investment from Ellerston JAADE will supercharge our capacity to operate in key markets, attract new business, and enter new strategic partnerships.”
Data Zoo’s fundraise sits within Ellerston JAADE which invests across a number of high-growth Australian-based companies, such as Mable, Camms, and Phocas. The fundraise represents Data Zoo’s first outside investment.
"Data Zoo's innovative platform and success in expanding its operations internationally, especially into challenging markets like North America, were key factors in our decision to invest,” said David Leslie, Investment Director at Ellerston JAADE.
“Data Zoo’s impressive growth, solidifying itself as a trusted identity provider against well-established competitors – all without prior funding – is no small feat. We are pleased to support them as they continue to scale in the identity verification industry."