International remittances, seamless cross-border transactions, and efficient digital identity management all in one company! Phenomenal! If there is any word to describe the work of Aid Tech over the years, maybe that will do.
As you know, the rise of blockchain technology has given rise to some of the most dependable solutions we have globally today. The good thing is that Aid Technology forms a part of this lot and leverages cryptocurrencies usage to drive payments and digital identity protection. With competition from old guards like Digit and AU10TIX, Aid Tech has proved that technology can exceptionally bring faster solutions than traditional methods. Yes, we know. There are tons of platforms that provide digital identity management, but does Aid Tech give the best with Blockchain? Find out the details in this Fintech50 article. Read to the end.
Driving through Rough Paths to Global Recognition
Let’s go back in time to 2016. Imagine that a single platform could bring hope to people who had lost it. It looked impossible until Aid Technology launched in the same year. Relief for Syrian refugees was possible because Aid Tech could use digital identity to process disbursements .
Aid Tech is the first company to drive efficiency in that aspect. Governments and business services have become the platform end-users due to their reputation and transparency. It wasn’t easy combining the powerful duo of artificial intelligence and machine learning to create a system that processes verifiable credentials. The platform’s efficiency, instant disbursement attribute, and self-verification features made Aid Technology appealing to serial investors.
Co-Founders Joseph Thompson and Naill Dennehy have led the charge and got mind-blowing results with investor funding. Between July 2018 and July 2012, Aid Technology raised $4.68 million. Based on our FinTech50 research, Aid Tech might be getting some more venture funds soon as the company continues to onboard new clients. Before we go further, let’s look at the top investors that have driven Aid Tech to this stage.
Verified Investors of the Aid Tech Ecosystem
With its headquarters in Dublin, Ireland, Aid Tech has been able to access funding since 2017. Let’s give you the data at our disposal about the funding rounds.
- 2017: In 2017, the founders of Aid Tech won an undisclosed grand prize from MassChallenge. That fund was the beginning of its growth to this level. Aid continued to push its digital ID solution and eventually raised good money in 2018.
- 2018: In July 2018, the company raised $1.18 in a Series A funding round. Participants in the round included Enterprise Ireland, SGInnovate, Blockasset Ventures, Blue Parasol Investments, and Tin Fu Fund. By 2019, Aid Tech added two additional investors to its existing funds in LongHash Ventures and Tribe Accelerator.
- 2021: 2021 was the year fortune smiled on Aid Tech. The company had a big break as it raised $3.5 million from individual and institutional investors. The likes of Cuberg CEO, Richard Wang and Josue Estrada played vital roles in the seed funding.
Now that Aid Tech has amassed as many funds, many people count on the company to deliver. Interestingly, it has been a case of nobility to honour. With its Global Wallet Solution, Aid Tech continues to build the infrastructure for decentralised digital wallets and IDs.
Risk Disclaimer
This Aid Tech article is to educate readers. We do not expect you to make financial decisions from it. While the blockchain industry offers enormous opportunities, investing in companies or cryptocurrencies can be risky. Hence, we recommend that you speak with an investment specialist first.
If you are in the UK, remember that it is illegal to trade crypto CFD products that are not regulated. Do your due diligence and familiarise yourself with the FCA PS 20/10 law.
