Main Capital invests in ReadID

Description

ReadID (Innovalor) is the market leader in software for reading the NFC chip in passports and other identity documents. This chip includes official Namur names and a passport photograph. Thanks to the technology, the software can then determine not only whether a document really exists, but also whether it is an original.

Customers, such as governments and banks, use the technology to identify customers. It enables easy verification of ID cards and passports with a smartphone, for example during the onboarding process of new bank customers or at border controls.

InnoValor is known as a pioneer in remote identity verification technology and was the first to roll out the NFC app globally when it launched ReadID on Android in 2014 and on iPhone in 2019.

BDO M&A has performed due diligence work for Main Capital.

Main Capital Partners is a leading software investor in the Benelux, DACH and Nordics. Main has almost 20 years of experience in strengthening software companies and as a strategic partner works closely with management teams of its portfolio companies to achieve sustainable growth and build excellent software groups. Main has over 45 employees and offices in Den Haag, Stockholm and Düsseldorf. As of October 2021, Main has over 2.2 billion euros under management and invested in more than 120 software companies.