Credas sees 40% customer growth, plans 2025 expansion

Credas Technologies has reported a 40% expansion in its customer base over the past year, exceeding its financial projections by 60% in 2024.

The company, based in Cardiff, specialises in identity verification technology and noted that it carried out compliance checks on over four million individuals last year. It highlighted a significant impact in the UK's residential housing market, where 52% of transactions employed Credas for due diligence, either directly or through its partner network.

Credas initiated a new Know Your Business (KYB) to Know Your Customer (KYC) service and introduced Credas+, a compliance remediation service, over the past year. This new service has seen an uptake by more than 70% of its clientele, including prominent businesses such as Connells Group, EY, Gordons Property Lawyers, and Co-op.

The company has announced plans to extend operations internationally in 2025, with a focus on South Africa, Australia, and Ireland. This expansion aims to bring the Credas Connect platform to these new regions, complementing the efforts of its parent company, Dye & Durham.

Tim Barnett, CEO of Credas Technologies, stated, "I am enormously proud of the high-performance unit we have built together at Credas, especially as we reflect on the extraordinary financial year we've had. This high-performance culture is based on a foundation of clear shared values, and 2025 will see continued growth, new products, and team expansion."

On top of its business achievements, Credas became the first Identity Service Provider (IDSP) in the UK to attain the highest certification under the UK Government's Digital Identity and Attributes Trust Framework over the past 12 months. This recognition adds to the company's accolade of being awarded Fintech Company of the Year at the Fintech Awards, with individual staff members also being acknowledged for their contributions to the industry.