Brazilian RegTech solution IDwall secures $600,000

Brazilian RegTech startup IDwall has secured $600,000 in funding for its document validation, background checking and identity verification solutions.

The investment was co-led by Brazilian VCs Monashees Capital and Canary with angel backers also participating.

The São Paulo-based company’s solution aims to help financial services to automate new customer registrations and help them meet KYC and AML compliance and prevent fraud.

IDwall alerts uses in real time when any user-submitted data or purchases are false.

Founded in July 2016, the company also operates an office in Silicon Valley and will use the new capital to continue its expansion.

The new round takes IDwall’s total funding to $800,000 with it previously picking up $200,000 in an October round led by 500 Startups.

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