Every week we feature a new startup at Fundsup that forces a radical breakthrough. This time we chat with Richard Citteur, Co-Founder of YourID.
Read the Dutch version on Emerce.
Richard, What exactly are you doing?
Making the online world pleasant and safe again!
As you know, password credentials are still present in our online lives in nearly all cases where we want to access a website or a platform. While all other markets have evolved and adapted new technologies, it seems impossible for the online world to leave behind this Achilles heel of IT. Why can’t we overcome this weak part in the identification process?
Our journey started with the wish to answer this very question. A journey with just one goal: to eliminate the need for usernames and passwords and to search for a safe way to interact online and to find the right technology solution for remote identity verification. YourID was created with the desire to develop a solution that accomplishes this goal while staying independent from any organization, technology, or company and not driven by a commercial agenda.
Where do you see the main application of YourID?
You can use YourID in many different places, so the number of applications is literally endless. Any time a website, platform or company needs to verify your identity, YourID is the fast, safe and trusted option for digital access, signing digital transactions, proof-of-life and even for physical access.
In a broad sense, the features of YourID can be summarized as digital access, physical access, and user identification. Besides, YourID boasts a comprehensive arsenal of business identification applications.
What is the impact of your business?
The impact is expected to be huge since many online leaders have already shown interest in YourID’s solution. This is because we built it specifically according to the wishes and needs of the participants in the online world. Based on that, YourID’s purpose has been drafted, which can be summarized as follows:
“Protecting user privacy, personal data and digital identity transparently and independently, promoting the control that users have over their personal data and digital identity (including with who they want to share [part of] their information) and over the use of their data and digital profiles.
YourID will be built around the user and give the power to the user over their data and the possibility to conveniently withdraw previously shared data and it will respect the user’s right to be forgotten (according to GDPR in Europe). Also, the user has the choice of sharing additional data, for which they receive additional benefits (“data enrichment by user consent”, this is possible since the user is in control).
All of this is done in a flexible, technology-agnostic way, with a wide variety of best-of-breed (technology) partners, to guarantee the highest level of security and user privacy on a global basis.”
Where do you stand right now?
Over the last 2 years, we have diligently prepared YourID’s identity solution. We have taken into account all conditions and elements that are required for a fast realization and adoption of it by the online industry.
YourID will realize a single solution that works globally, no matter where a business operates, and without requiring huge commitments or organizational changes from its side. Furthermore, it is based on well-known technologies – that have been selected over the last two years – already trusted by the leaders of various industries. Moreover, it is available for a fraction of the cost that their current IAM solutions incur. The cost-saving aspect is explained on our website.
YourID’s technology will be orchestrated and managed by the independent YourID foundation. The foundation’s board will consist of a wide variety of leading websites and online platforms that are in full control of all relevant aspects of the foundation and its solution. The management of the foundation consists of the 4 initiators of YourID (including me) and also falls under the control of the foundation’s board. This foundation has already been constituted and in the next few months, we are going to offer the board positions to a selection of leading online players.
“The smallest platform that showed interest in YourID’s solution has over 150 million users”
When are you planning to go to the market?
We expect to be ready in the third quarter of 2021.
Who has invested in you and what kind of investors are you looking for?
YourID is looking for a last external investment of EUR 250.000 to finish preparations over the next 12 months and close the collaborations with the websites and online platforms that showed interest in YourID’s solution. Revenues will be generated by a royalty agreement of EUR 0,50 net per user per year for the duration of 20 years. The investor will be compensated with a 10% share of the future royalties.
The potential of YourID is significant since participating platforms and websites offer YourID’s app for free to their customers, realizing fast and significant user adoption. The smallest platform that showed interest in YourID’s solution has over 150 million users. The biggest platform that YourID aims to attract has more than 2 billion users.
Following in-person meetings, we are in close contact with 30 leading organizations and 350 other companies that fulfill the requirements to become a board member. To further lower the risk for the investor(s), the investment will be split into two tranches. For January – May 2021, the 1st tranche of EUR 150.000 is required, enabling YourID to reach the first confirmations. It will be used for operational costs and a professional acquisition and communication campaign to guarantee the closing of commitments with the leading websites and platforms that showed interest in YourID’s solution.
Only after closing the first commitments for board positions with industry leaders, the second tranche of EUR 100.000 is required. This will be invested to secure the closing of additional commitments and guide the process of formalizing the foundation board with the first few members and thereby secure the royalty revenues. Upon formalization, the foundation will cover all future funding needs.
Until now, we have mainly invested ourselves about EUR 500.000 and since December 2019 we have also received an angel investment of EUR 150.000.
What would be the ideal investor match?
The ideal investor would be someone with relevant knowledge or with a big network of online giants and who also wants to become a part of the solution. But that’s an ideal situation.
Fortunately, we have taken the time to prepare ourselves very well, so we are in full control and our message and solution have put us on the right tables in a relatively short period of time (we had personal meetings with all the big players in the USA, for example).
A perfect match is not needed anymore, although it would obviously be welcome. The main thing we are looking for at this moment is financial support to enable us to finish our task.
Best of luck with everything!
Many thanks, and don’t forget to check out our extensive pitch deck in the Fundsup app: https://api.fundsup.co/go/v6tPM8qtG7