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Keeping your credentials safe: the latest tech opportunity
Start-up app CredShare has successfully raised $2.8 million on the back of its cutting-edge credentials platform, and how it has changed the lives of many users.
What exactly do we mean when referring to credentials? It’s everything from university degrees, to post-graduate qualifications, to particular job requirements such as the responsible service of alcohol (RSA) certificates. CredShare keeps these credentials in the one secure location. In a world built on busy schedules, and tight deadlines, time spent on digging-up high school qualifications is time wasted. This is where CredShare steps in and alleviates tedious time wasted, while also mitigating security risks for individuals and organisations alike.
The idea was born from a frustrated tradie who was sick of misplacing documentation and contracts for himself and his team. To solve his problem, he developed an app focused on collating and connecting credentials in a far simpler, more efficient and secure way.
CredShare has launched a $2.8m funding round that includes high-net-worth and institutional investors including Touch Ventures and Ellerston Capital to capitalise the startup at $14 million. We spoke with CredShare CEO Andrew McMillan, who said: “The $2.8m in capital funding enables CredShare to realise its vision to fundamentally change the way credentials are shared, stored and accessed for both individuals and businesses. Transitioning to a system where verification is provided directly from the issuing authority and control of the credentials sits with the individual will ensure safe and secure credential and compliance management.
“CredShare is honoured to have the backing of cutting-edge investors such as Touch Ventures and Ellerston Capital. Their support validates CredShare in becoming a vital RegTech solution and instills further confidence in our growing customer base that our platform is trustworthy, highly secure and suitable for sensitive information,” says McMillan.
Where CredShare differs from traditional digital wallets is its vision to return data control to the individual allowing them to use credentials how they want and when they want. Taking a photo of your credential, uploading it to a cloud drive and sharing via email, all of which are at risk of security breaches, will be a thing of the past as CredShare ushers in new tech that will send yes/no signals directly from the issuing authority without divulging sensitive information.
“For many Australians, individuals and businesses alike, mandated vaccine certificates were the watershed moment to understand the need for a streamlined solution to manage credentials. As it currently stands, individuals have photos of passports, drivers licences, medicare cards and other sensitive documents saved on their phone or in a cloud drive, while not serving any immediate purpose and at risk of security breaches,” says McMillan.
The business is also building a scalable platform for the highly secure exchange of information between issuers, holders and receivers of credential information, designed to make credential management safer and simpler. It also helps people gain better access to employment, travel, finance and insurance credentials.
“CredShare has taken a necessary step in developing its offer to allow confidential information sharing without the security risk. The app returns the control of credential management to those who hold them, minimising the stress and risk associated with previous solutions,” says McMillan.
McMillan says CredShare is looking for beta testing participants ahead of its March release, which is a great opportunity for businesses to take stock of their current credentials management and look to evolve into a safer and swifter system.
“COVID-19 vaccination certificates are a great example of the requirement for certification and credential compliance. There are also serious privacy risks for consumers providing digital information via traditional digital pathways,” he says.
CredShare currently services a number of Australian businesses on a subscription-based service model and is seeking beta testing participants ahead of its March general release.
