Guernsey based fintech company The ID Register has tripled its workforce over the past year as it opens up new markets for its services.
The company, which is based on the top floor of the old Market Building in St Peter Port, became independent on 24th September 2020, following a management buyout. Since then, it has employed more than 30 new staff, despite pandemic conditions.
The ID Register is the brainchild of CEO and founder Tim Andrews. Some years ago, he developed a digital solution for the US FATCA reporting requirements. Following the success of its uptake, he realised there was a significant overlap with the Know Your Customer (KYC) and due diligence information required by the private funds sector, and hence The ID Register was born.
The company was originally part of local fund administrators Ipes, which became Apex, before setting out on its own. Tim Andrews explained to Channel Eye: “We provide corporate and individual investors in the private markets with a regulated digital hub to authenticate their identity and the source of their wealth and funds. Once this information has been verified by ID Register staff, investors can use their ‘passport’ to invest as many times as they like, without having to provide the same information to a new fund.” The company operates in the fintech sector but staff back-up is as important as the technology and this combination helps ensure the investor experience is efficient and stress-free.
Tim says: “No-one likes doing KYC, so why do it more than once when you don’t need to? When clients sign up to The ID Register, we take care of all of the hassle for them.” The simplicity of the concept has seen growth mushroom and currently more than 25 thousand investors use The ID Register.
A lot of its business is with the US funds sector where it has a presence across 47 States. It has signed a number of alliance partnerships, the latest with Waystone, who offer anti money laundering expertise for investors in Cayman. Closer to home, The ID Register has teamed up with KPMG Crown Dependencies to provide services for their fiduciary clients.
Tim added: “The ambition is for The ID Register to become the digital hub of the private investment markets. I’m also committed to employing and encouraging the career development of local staff in a growth area of the finance industry. Guernsey is my home and a great base to do business.”
Expansion means the company will be moving into new office space adjacent to its current offices. The area has been sympathetically restored to expose, and make a feature of, the vaulted wooden Market Building ceiling. The ID Register has recently become carbon negative, after buying 100 tonnes of carbon offsets in green energy and carbon capture projects.