Magic ID secures €350k

by Silvia Saccardi 24 November 2023

KYC service provider Magic ID has secured €350k in pre-seed funding.

The investment was led by SFC Capital (€175k) and Presto Ventures (€120k). The remaining €55k was supplied by undisclosed angel investors.

The startup, whose services extend to private equity fund managers, aims to use the funding to launch its KYC product range in the UK and the EU, in addition to developing its research and team.

Magic ID was launched in 2023 by Thanasis Mandaltsis and Aariffa Hajamaideen to help companies without prior knowledge of each other to build trust.

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