Photo - Mark ID
56039

Mark ID

Universal identity verification and eSignature gateway

Lithuania
Market: Internet and IT, Financial services
Stage of the project: Operating business

Date of last change: 21.02.2022
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Idea

We are universal identity verification and eSignature gateway with already proven track-record of MRR, 100+ business clients and ambition to connect Europe with-in and with the Globe with QES.

Current Status

We are currently working in home-market and have a traction here. Within the last half year we grew:
- in number of e-signatures on Mark Sign platform x10
- in terms of Revenue from Mark sign x7
- in number of identifications +50%

Our aim is to scale from home market to other EU markets.

Market

Any company, small business or even individual who signs at least 10-20 documents per month.
Any size company which is interested in secure identification of customers or employees - be it more simplified option or deep-dive with AML checks.

Problem or Opportunity

We see 2 problems in the market: (i) remote identity verification is expensive for business & not convenient for customers; (ii) e-signature market is fragmented and not the highest security level solutions are being used in order to overcome that

Solution (product or service)

We are offering:
(i) simplified secured identity verification using Qualified Electronic Signature solutions (if needed in combination with Face ID, physical identification or OTP with SMS)
(ii) and we are going to offer signing e-documents with QES (Qualified Electronic Signatures) - the highest security level e-signature - to be used with-in European countries + enable EU inhabitants/companies to sign documents with QES with people/business outside the EU.

Competitors

As per our knowledge, there is no 1-stop-shop solution for Identification & eSignature based on QES (Qualified Electronic Signature).

If compare to other KYC & AML players - we are more focusing on identification part rather than deep-dive fraud prevention.

If compare us in eSignature market - other big players are offering solutions based on Advanced signature, thus lower security level product. And none are offering affordable, QES based and globally working solution.

Advantages or differentiators

We are aiming to offer a single solution for all EU markets and businesses operating there to:

(i) sign documents with the most secure and advance QES within EU and with the globe;
(ii) be able to perform fast, simple & secure identification using the tools people already have (the ones with which they sign e-documents already);
(iii) when & where it's needed, to add additional layer of security by offering Face Identification, AML screening or 2FA with SMS OTP

Finance

Revenue streams have 2 major blocks: one part of income (around 30%) is coming from Subscriptions and another one is coming from B2B contracts.
Users are paying:
- in KYC product case for identifications & AML checks; contracts with minimum monthly fee;
- in Mark Sign (e-signature solution) case for Subscriptions, minimum monthly fee, additional e-signatures & services.

Business model

Our business model is based on a mid-to-long-term relationships with our clients. From signed contracts churn rate is 0% so far, in the case of Subscriptions it's <3%.
With KYC product there are no "free-riders" as we offer only small scale demo option and the product in majority of cases is integrated in clients work-flow.
In Mark Sign case we have Freemium model followed by paid Subscription or Contract-based models.
Main customer acquisitions channels divides accordingly:
- for KYC product and Contract-based Mark Sign product: (i) active cold calling & emailing; (ii) affiliate partnerships; (iii) events, conferences and etc.
- for Mark sign Subscriptions: (i) PPC performance media; (ii) PR; (iii) other media channels

Money will be spent on

37% on product development
32% to cover COGS
21% Marketing & Sales
10% G&A

Offer for investor

Details of an offer will be defined during negotiation period.

Team or Management

Photos

Photo 1 - Universal identity verification and eSignature gateway
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
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