The alternative-investment marketplace iCapital has acquired the digital identification company Parallel Markets. The move creates the launch of the iCapital Investor Passport, designed to reduce duplicative investor profiles and repetitive compliance checks within iCapital.
“Parallel Markets has pioneered software that supports a reusable investor passport, streamlining these duplicative processes for advisers, investors and fund managers,” said iCapital Chairman and CEO Lawrence Calcano. “This is expected to result in faster onboarding, reduced costs and a more efficient investment process.”
The financial services industry spent $2.5 billion globally on identity verification services and compliance in 2024, according to the research firm Burton Taylor. Parallel Markets marks the third technology acquisition in the past 12 months for iCapital, which manages $214 billion in alternative assets. ICapital acquired the investment data reporting platform AltExchange last October and followed that by buying fellow financial data manager Mirador in April.
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