Everyday people are arranging face-to-face contact after connecting online over the phone. But that can sometimes lead to very dangerous situations. It's the potential for these meet-ups to turn dangerous that captured the attention of this week’s guest, Andrew Gowasack, CEO and Co-Founder of Trust Stamp.
Give us the pitch.
Trust Stamp provides Identity & Trust as a Service for FinTech, real estate, and the P2P & Sharing Economies
What's the story behind your company?
My cofounder, Gareth Genner, has been a long time friend and mentor of mine. He has already founded and successfully exited two cloud platforms. When I expressed interest in starting a business with him, we saw the exponential growth in online-originated relationships as an opportunity.
What is Trust Stamp and what problem did you set out to solve?
When you meet someone online, there’s always that nagging question in the back of your mind, “How do I know this person isn’t lying or even a dangerous criminal”?
Online fraud is pervasive and for those who move a relationship from the Internet to the “real world”, there are huge risks, for example, Craigslist has had over 100 murders convictions. Realtors often meet prospects online and according to the National Association of Realtor’s 2016 Safety Report, 34,500 Realtors reported being attacked. On a commercial level the estimated cost of identity fraud for US banks is over $20 Billion per annum while the estimate for healthcare is a staggering $200 Billion!
How does it work?
Users take a selfie and a picture of their driver’s license and link a social media account. At this point, facial recognition AI combines with proof-of-life software to compare the photos and driver’s license information to over 200 public record sources and social media sites. The result is a completely digital, use-controlled digital ID called a Trust Stamp.
Are most people willing to give out that info?
When you test-drive a car, they take a copy of /scan your driver’s license. It’s the same for checking into a hotel or using a Fast Pass at Disney. Unlike these routine “identity checks”, Trust Stamp follows bank-level security protocols and store only critical data such as log-in credentials. Most importantly, each Trust Stamp is controlled and owned by the person who made it and can only be viewed when they choose to share it.
Besides background checks, what other verification devices are you looking to bring on?
Trust Stamp uses biometrics as well as AI to verify identity and trustworthiness. We also store each person’s hashed biometric measurements in a Blockchain. The hashes are un-hackable and immutable. The technologies we are developing can be used not just for account origination and access but also for fraud detection, facility access, secure, encrypted P2P communications and even as a backup resource in the event of DDoS attacks.
What industries are most interested in working with your product? How much traction have you gotten so far?
A host of industries have approached us to partner but our main focus in 2016 has been on banking, real estate, and P2P.
How are you funded? And what's your revenue model?
We have raised over $1.2M in funding and will make a make a small 1st year operating profit. We have already booked sufficient revenue for 2017 to give us a minimum of $1m in EBIT with a projection that is closer to $4m. For single-use (consumer / Realtor) sales, it is $1.99 per view. For large scale SaaS use it is by negotiated license.
How rooted are you and the company in Atlanta and the local Tech Ecosystem? Are you involved with any accelerators? Where are you working out of?
All of the founders are native to Atlanta as are the majority of our advisory board. We are launching in London at TechCrunch Disrupt in December but Atlanta is and will remain home base. We are proud members of the Atlanta Technology Village and their Village Verified and 7-Figure groups. We have also participated in the Founders Space Incubator, QC FinTech Accelerator, NAR REach Accelerator, and SixThirty Cyber Accelerator. One of our pay-it-forward goals for 2017 is to launch a FinTech Studio at Atlanta Tech Village to help local founders turn their earliest stage ideas into a concrete, market-tested business plan.
Website/App Link: www.truststamp.us