Below is our recent interview with Lincoln Ando, the Founder of idwall:
Q: Could you provide our readers with a brief introduction to your company?
A: idwall is a startup specialized in integrated, intelligent digital onboarding solutions. I founded the company in 2016 alongside my partner Raphael Melo, with the aim of speeding up the identity validation process, thus helping companies to comply with regulatory standards. Since idwall’s foundation, we have sought to create trust-based relations for the digital age through tools such as Background Check, OCR and Face Match, that automate registration processes and prevent fraud in companies.
Q: Any highlights on your recent announcement?
A: We had already gone through two investment rounds that had raised more than R$ 35 million in contributions. Now we are announcing our Series C in the amount of R$210 million. With the most recent investment roud, we want to accelerate idwall’s growth by investing in the launch of new products, as well as hiring and training more professionals. A few months ago we had 150 employees and our goal is to double that number and get to at least 300 employees by July.
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Q: Can you give us more insights into your offering?
A: Technology is the heart of our company, and we have a technical team with the required expertise to deal with the Brazilian market challenges and requirements of companies dealing with such an insecure scenario. Brazil’s documentation databases are highly siloed — state has its own model for the most common identity document, the RG (“Registro Geral”, or “General Registry”), for example, and each citizen can issue a different RG document in each state.
So its fundamental to have an understanding of what might indicate a fraud attempt. With great eexpertise and cutting-edge technology, as well as Machine Learning and Artificial Intelligence solution, we are able to navigate these challenges and offer solutions ready for the Brazilian context, a context where Brazilian companies lose over $41 billion per year due to fraud, and data leaks are becoming more and more common and massive.
With the Series C round, we also aim to expand our B2C reach: for the end consumer, we have a digital identity app called MeuD, that allows users to gather all the data in one place in a practical, accessible, and secure way.
Q: What can we expect from your company in next 6 months? What are your plans?
A: At this moment, our focus is to consolidate ourselves as a company that offers the best security solutions for companies and users. To achieve this, we will be investing even more in the work teams and services that we offer. This is the main goal for the next few months.
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Q: What is a great thing about your company that people might not know about?
A: Currently, our company has more than 300 clients from different segments, such as Cielo, Ebanx, GPA, Loggi, iFood, Claro, Quinto Andar, Magnetis, Sicredi, Guiabolso, Olist and CarregaBras. Amongst them, we have 15 banks, including 2 of the 3 largest in the country, and 7 financial market unicorns.
Beyond having a strategic partnership with Mastercard, which helps in expanding the business and creating products, Idwall is concerned about building trusting relationships in the market, making environments safer for everyone, in a technological and less bureaucratic way.
Besides, MeuID is the first identity validation app in Brazil for individuals and companies. This app guarantees a control of personal data and allows access to different services in one place, in addition to warning against fraud attempts.
Between 2017 and 2020, we registered a growth of 1458% in our total revenue, with an average annual growth of 144%. Compared to 2019, driven by the pandemic, idwallincreased its revenue from financial market contracts by 588%