FOUNDER & CEO OF The ID Co.
Dedicated to creating trust online. Through our consumer product, miiCard and our business product, DirectID, banks and their customers can share trusted data in a completely safe way.
James Varga founded The ID Co. (previously miiCard) with a mission to create trust online through the miiCard Digital Passport for consumers and its B2B service DirectID. The core premise of The ID Co. is that by leveraging an individual’s trusted relationship with their bank, it can extend trust online to open up new opportunities globally and instantly. This layer of trust on the Internet will make it possible to change our understanding and experience of the world by allowing everyone to more easily and securely interact and transact with more people.
Over his more than 20-year career in technology, James has held a number of senior level positions in marketing, technology and management roles. Most recently, he served as a co-founder and director of Money Dashboard, the UK’s leading personal finance management tool. He also created beblu, the first mini-component computer system designed for the living room; led a knowledge assessment service; a digital agency for websites and financial service applications named lightershade; and founded Squarepeg, an eBusiness consultancy specializing in CRM and sales management.
James is an acknowledged expert in online identity, a respected business leader and a serial entrepreneur. He is also active in a number of local and global efforts to help people do more online, including the StartEDIN collective of companies in Edinburgh’s tech ecosystem and Trust In Digital Life (TDL) whose mission is to create a trusted ecosystem that protects data and assets of citizens and enterprises across Europe. Most recently, James co-chaired the data subgroup of the Open Bank Working Group (OBWG) with the HM Treasury to explore how data could be used to help people transact, save, borrow, lend and invest their money.
I was born into the tech industry. Having started on a commodore VIC-20 then moving quickly on to the 300baud modem and buying my first 286XT (with turbo I might add) when I was 15, I have been involved ever since. This love of technology grew into the love of the internet and all the things connected to it…through a number of startups…being an Oracle DBA and developer…to where I am now. It’s the best thing that ever happened and I feel very fortunate to have been part of an evolutionary step in our culture so fundamental to almost everything we do today.
There are a few primary trends that we focus specifically on. The first is the ever-increasing need to create trust online. Whether you’re online dating, signing up to bank accounts, sending money or just applying for a job. As we do more and more online we need greater levels of trust than we can achieve today. This is especially the case as the value or risk of these interactions continues to increase.
We also focus on the trend of consumers owning and managing their personal data. The world of companies sharing and trading your personal data is quickly coming to an end.
Finally there is a financial services industry trend that is now being supported by regulatory changes that open up consumers’ access to and authentication with their online banks. I believe banks personally have a much broader and key role that they could play in online identity and trust.
I have worked at a number of companies in the technology and financial fields. Prior to miiCard I was working on a PFM that was essentially the Mint.com of the UK. During my time there, it became apparent that there is a fundamental disconnect between the ‘physical you’ and the ‘virtual you.’ This disconnect is very difficult to bridge and that’s what creates so much doubt in our online interactions and transactions. I realized that our online selves would never reach their full potential until we could eliminate this doubt and replace it with trust by verifying the identity of the person on the other end of the browser or email. And that’s exactly what miiCard does. We allow individuals and businesses to confirm an online identity to the same level as an offline photo ID check – and you never have to leave the online relationship or transaction to do it. The patented process is infinitely better than username and passwords or any other method of ID on the internet today, and it instantly enables an entire host of never before possible financial, healthcare, social media, online dating, and other service. It saves businesses and individuals time and money – and makes for a much better overall online experience.
We want to create a layer of trust in the Internet that doesn’t yet exist. It was over 20 years ago now when the phrase of ‘on the internet, nobody knows you’re a dog’ was first termed. This is now one of the biggest challenges we face today and one that I believe we have a unique opportunity to solve once and for all. Empowering consumers to prove they are who they say they are, control their data and have the confidence and security when online will allow us all to do more – faster, easier and safer.
miiCard has engaged in a number of impact-ful partnerships and marketing strategies. We focus on establishing partnerships that are commercially driven. What I mean by this is that if there isn’t a clear opportunity, synergy or direct benefit – then why do it? The ones with the greatest impact have been the ones that have helped in promoting our core value proposition. This includes Microsoft having developed our first Proof Of Concept and being hugely supportive, through to Yodlee with our exclusivity and close relationship.
Consider the need to obtain a personal loan…say you’re buying a new car…and you go to a site – login with your miiCard and in seconds you have a loan not only approved but specific to you. By allowing you to prove your income, financial status, information about you, etc. you get a lower rate than you would normally, on terms suitable to you, and with no paperwork, no delays and in a way where you can 5 minutes later walk into a dealership and buy that car you have wanted for so long. Regardless of what the use case is – it’s all about doing it faster, easier and better.
Hire people that love what they do, then work and play hard. It’s all about this passion and fulfilling on this. For us, this includes beer o’clock on a Friday, regular socialising, fresh fruit, nice environment – it’s whatever really…it’s what we as a team want.
It’s become a common piece of advice, but I think it still holds true – you must have passion for what you do. As entrepreneurship continues to develop into the mainstream there is a much better appreciation of what it takes to be successful. One of the biggest things I think that gets overlooked is that you have to sell – you have to validate what you’re doing commercially and if you aren’t making money from it – think again about what you are doing and what problem you’re trying to solve. Be focused and don’t give up.