Greenbank Portfolio Company Staminier's Subsidiary Enters Loi To Back Innovative Identity Tech Firm "Identify"

Rhea-AI Summary

GreenBank Capital has announced a Letter of Intent with the Substantia Group to acquire a significant stake in Identify, a cloud-based blockchain identification platform. This deal involves a convertible loan facility contingent on various conditions, including exclusivity and commercial viability. Identify aims to revolutionize KYC processes by digitizing identification documents using blockchain technology, with expectations to reach beta testing by late 2022 and market release by March 2023. This funding is targeted at advancing the platform's development stage.

Positive

• Substantia Group's investment to bolster Identify's platform development.
• Potential market leadership in KYC identification through blockchain technology.
• Aim to reach beta stage by late 2022, with market launch projected for March 2023.

Negative

• Transaction completion depends on meeting several conditions, including market viability and regulatory compliance.
• Investment still in early stages, with no guarantees of success or market acceptance.

Identify's Blockchain-based platform seeks to solve antiquated paper-based KYC identification and verification process

Substantia to provide convertible loan facility to Identify, conditional upon tech exclusivity and other factors

Substantial shareholding in Identify designed to propel technology to its next development stage

LONDON, ENGLAND / ACCESSWIRE / April 12, 2022 / GreenBank Capital ("GreenBank") has learned that the Substantia Group ("Substantia"), the business advisory firm wholly owned by Staminier Limited ("Staminier"), has signed a condition-dependent Letter of Intent ("LOI") to purchase a significant shareholding in Identify ("ID"), a cloud-based, blockchain-backed security and identification platform. As previously disclosed, GreenBank Capital owns 19% of Staminier Limited, Substantia's parent company. Substantia is a UK-based business consultancy offering clients a wide range of outsourced advisory services, and is led by Terry Pullen, concurrently also CEO of GreenBank.

ID seeks to simplify, streamline, and radically improve the management, storage and sharing of security and KYC identification documents across all sectors, including finance and banking, healthcare and medical records, travel documentation, insurance, housing and utilities, and legal, among others. It is anticipated that the application will drastically improve ease of access and storage of required documentation in the compliance process, helping business and individuals comply with identification, certification, laws, and regulatory requirements.

Samsher Singh, Founder of Identify said: "I believe that Identify has the potential to truly revolutionise the way businesses, governments and organisations interact with identification. Using blockchain infrastructure, Identify will be able to support our clients by providing a complete end-to-end solution to fit any business. The team at The Substantia Group have a great collaborative approach, providing a clear route to market, a network to leverage, and the funding to propel Identify to become a global market leader in this space."

The investment will take the form of a convertible loan facility to be drawn down across several tranches. Completion of the transaction is dependent upon several factors, some of which include ID fully incorporating as a UK company, commercial viability testing of the concept, and assurance of market novelty and exclusivity.

This funding is intended to propel the ID platform from pre-Alpha stage into the next stage of its development, ultimately leading to the full end-to-end product build. Identify Management expects its platform to reach Beta stage later in 2022, at which point it would become ready for initial market testing. It is presently expected that a release-to-market stage product will be available by March 2023.

Converting identification and certification documents into Non-Fungible Tokens ("NFTs"), ID's platform will then store these digital assets in a cloud-based folder through blockchain technology, creating smart contracts which in turn will generate a ‘trust score' of both the individual/individuals and the documents themselves. ID's Management believes that the security and verification ramifications of the finished product are unparalleled at the present time.

It is expected that the documentation that will be securely stored on ID's platform include personal items such as driving licenses, birth certificates, housing deeds and passports, as well as occupational licenses integral to many people's livelihoods. For example, the medical profession requires some of the highest levels of certification compliance today. As just one example, in the UK, this certification can include General Medical Council or Nursing & Midwifery Licensing to practice, as well as Safeguarding, Right to Work, Indemnity Insurance, and many more. Other countries have a similarly lengthy list of certifications which require proper tracking. Once the ID platform is successfully completed, such a revolutionary development in collating and securely managing these types of vital documentation has the potential to significantly improve processes and efficiencies in the medical sector, as well as patient and clinical safety, and ID"s technology will be potentially applicable in numerous other sectors as well.

Terry Pullen, CEO of Substantia Group said: "Substantia have been incredibly impressed with the proposition and product design that Identify has showcased. Blockchain for digital identity and credentials is rapidly becoming one of the most critical step-changes in security and compliance, and Identify's platform has the potential to become a market leader. Harnessing the enormous potential of blockchain and digital tokenisation, Samsher and his team really have created a truly revolutionary product concept, and Substantia looks forward to working with him in the future to make this a reality."

For further information, please contact:

PR Advisers:
Sapience Communications
James Gittings/Richard Morgan Evans
Email: Greenbank@sapiencecomms.co.uk
Tel: +44 (0)7308 509 608

About GreenBank

GreenBank is a next generation merchant banking business that has a flexible low-cost overhead structure designed to maximize profitability. Our management are based in Toronto, Dallas and London and are used to working across borders remotely. Our model of remote working, dynamic space and flexible contracts -rather than large, fixed costs - establishes GreenBank as a global merchant bank for the future, both during and after COVID19.

GreenBank is listed on the Canadian Securities Exchange, the Frankfurt Boerse and on the OTC Markets in the USA. GreenBank invests in undervalued exponential growth companies focused on building consistent capital appreciation for its shareholders.

SOURCE: GreenBank Capital Inc.

View source version on accesswire.com:
https://www.accesswire.com/697057/Greenbank-Portfolio-Company-Staminiers-Subsidiary-Enters-Loi-To-Back-Innovative-Identity-Tech-Firm-Identify

FAQ

What investment is GreenBank making in Identify?

GreenBank's investment involves a Letter of Intent for Substantia to acquire a significant share in Identify, providing a convertible loan facility.

What is the expected timeline for Identify's platform development?

Identify aims to reach beta testing by late 2022 and plans for a market release by March 2023.

How does Identify plan to improve KYC processes?

Identify intends to simplify KYC processes by converting identification documents into non-fungible tokens stored on a blockchain-based platform.

What conditions must be met for the investment to proceed?

The investment is conditional upon factors such as Identify incorporating as a UK company and proving commercial viability.

What sectors will Identify's technology impact?

Identify's technology could benefit sectors like finance, healthcare, travel, and legal by improving document management and compliance.