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Fintech: Data Zoo secures $22.7M in funding for global expansion

Fintech: Data Zoo secures $22.7M in funding for global expansion
Fintech: Data Zoo secures $22.7M in funding for global expansion

Data Zoo, a top provider of identity verification solutions, announced it has raised about $22.7 million in Series A funding from Ellerston JAADE, a fund managed by Ellerston Capital. 

This funding will support Data Zoo in expanding the use of its identity verification software. The software offers access to official data from more than 170 countries, uses advanced techniques to boost efficiency and increase user conversions, and ensures data protection by not storing identity information.

Why does fintech matter? Fintech solutions streamline and speed up traditional financial processes using technology. This can include everything from processing payments and transferring money to managing investments without the need for physical banks or face-to-face interactions.

Improving compliance 

Data Zoo aims to offer a global, efficient, and secure option to traditional methods, improving compliance and preventing fraud. With the recent funding, Data Zoo, trusted by top financial institutions, payment providers, and fintech companies, intends to expand its operations worldwide.

Headquartered in Sydney, Australia, the business has offices in Amsterdam, New Jersey, New Zealand, the Philippines, and Singapore. In February, the company appointed former London Stock Exchange Group (LSEG) executive Charlie Minutella as its CEO. 

The company’s founder and chairman Tony Fitzgibbon says 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,” says Fitzgibbon. 

Fast-growing Australian companies 

Data Zoo was recognized by Deloitte as one of Australia’s fastest-growing tech companies in 2021 and 2022. 

Ellerston JAADE, is a group that invests in fast-growing Australian companies like Mable, Camms, and Phocas. This is the first time Data Zoo has received investment from an external source.

David Leslie, investment director at Ellerston JAAD says: “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.” 

Photo Credit: Canva

About the author

Sharl is a qualified journalist. He has over 10 years’ experience in the media industry, including positions as an editor of a magazine and Business Editor of a daily newspaper. Sharl also has experience in logistics specifically operations, where he worked with global food aid organisations distributing food into Africa. Sharl enjoys writing business stories and human interest pieces.

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