Parallel Markets
Parallel Markets provides API-first digital identity verification, KYC, KYB, SEC 506(c) accreditation, and perpetual AML monitoring for financial institutions, private market investment platforms, and issuers. Acquired by iCapital in January 2025 and rebranding as iCapital Identity Solutions.
- Company typePrivate
- Founded2018
- HeadquartersNew York, United States
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Parallel Markets does
Parallel Markets is a US-based digital identity verification and accreditation platform serving the private markets ecosystem. Founded in 2018 and headquartered in New York, the company provides KYC, KYB, SEC Regulation 506(c) accredited investor verification, and perpetual AML monitoring for financial institutions, investment platforms, fund administrators, and issuers. The platform has facilitated over $25 billion in capital raised through its accreditation verification services, with named customers spanning real estate platforms (Fundrise, AppFolio, Farm Together), venture capital (Fool Ventures), investment platforms (OurCrowd, Percent), and blockchain/Web3 (AVA Labs).
The technology stack is API-first, built around a JavaScript SDK for frontend integration, a REST Server API (v1.x legacy OAuth 2.0 and current v2.x API Key authentication), webhook notifications with HMAC SHA256 signature verification, and dedicated production and sandbox environments. Core proprietary capabilities include the Reusable Investor Identity (Parallel Passport, rebranded as iCapital Investor Passport), automated accreditation application processing with status workflows, a Risk Monitoring Engine that screens against OFAC sanctions, PEP databases, adverse media, and law enforcement records with 1-100 risk scoring, and a Case Management API for programmatic compliance workflow management. The platform combines document collection, biometric identity verification (enhanced through the March 2023 Passbase asset acquisition), and perpetual risk monitoring into a unified compliance stack.
The business model combines enterprise subscription licensing with usage-based API pricing. All deals are quote-based with annual billing cycles, sold via a hybrid motion of direct enterprise sales (Contact Sales/Request Demo) and developer self-service integration through the documentation portal and sandbox. Distribution is global and includes direct sales, self-service PLG for mid-market integrators, and OEM/embedded API distribution. In January 2025, Parallel Markets was acquired by iCapital, a private fintech valued at over $7.5 billion, and is being rebranded as iCapital Identity Solutions with the standalone site slated for retirement.
Parallel Markets firmographics
Firmographics- Name
- Parallel Markets
- Legal name
- Parallel Markets Inc.
- Website
- https://parallelmarkets.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Acquired
- Headcount range
- 11–50 employees
- Short description
- Parallel Markets provides API-first digital identity verification, KYC, KYB, SEC 506(c) accreditation, and perpetual AML monitoring for financial institutions, private market investment platforms, and issuers. Acquired by iCapital in January 2025 and rebranding as iCapital Identity Solutions.
- Ownership category
- akta.pro rank
Parallel Markets industry classification
Industry- Product category
- Identity Verification & Compliance Software
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Identity Verification & Digital ID (IDV, eIDAS, biometrics) (FSAGAFAA)
- akta.pro secondary industries
- Beneficial Ownership (UBO) & Corporate Registry Verification (KYB) (FSAMAMAK), Fraud, Risk, KYC/AML & Compliance Platforms (BPAMAFAI), AML/KYC, KYB & Identity Verification (VASP/Travel Rule) (FSAPAJAC)
Keywords
Where Parallel Markets is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Markets served
Parallel Markets business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Infrastructure
Revenue model
- Platform Licensing / Subscription: Parallel Markets generates revenue through platform licensing, likely structured as subscription-based access to their identity verification and accreditation services for financial institutions. The platform provides white-glove onboarding and KYC services with compliance monitoring capabilities.
- API Usage / Transaction Fees: Given the API-first architecture with developer documentation and sandbox environments, the company likely charges based on API usage volume or transaction counts for identity verification, accreditation checks, and compliance monitoring.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Enterprise - Custom Pricing |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Parallel Markets product offering
Product offeringCore offering
Parallel Markets provides an API-first digital identity verification and accreditation platform for financial institutions. It combines KYC onboarding, KYB corporate verification, SEC 506(c) accredited investor verification, and perpetual AML/sanctions monitoring into a unified system, with a reusable investor identity (iCapital Investor Passport) that allows verified credentials to be ported across participating platforms.
Product overview
Parallel Markets is a digital identity verification and compliance platform offering reusable financial identity solutions. The product portfolio includes White-Glove Onboarding & KYC Services, Business Verification (KYB), Investor Onboarding, 506(c) Accreditation Services, AML Monitoring, and Entity Data Manager. The platform enables financial institutions to automate identity verification, accreditation checks, and ongoing compliance monitoring through a combination of document collection, biometric verification, and risk matching. The iCapital Investor Passport enables universal reusable investor identity. The company was acquired by iCapital in January 2025 and operates as iCapital Identity Solutions.
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- Over $25 billion raised to date through the platform's accreditation verification services
- +2 more outcomes
Companies that use Parallel Markets
Customer profileNamed customers7 records
Segments3 records
Ideal customer profiles2 records
Parallel Markets technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
AI capability4 records
Feature6 records
Parallel Markets partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- iCapitalcoreiCapital announced acquisition of Parallel Markets in January 2025 to integrate reusable digital identity technology into iCapital's investor onboarding and compliance verification processes. The acquisition aims to reduce onboarding time, lower costs, and improve compliance for private market investments. Parallel Markets is rebranding as 'iCapital Identity Solutions' with the Parallel Markets site being retired and services migrating to iCapital.
Scale indicators2 records
Recent moves5 records
Expansion highlights5 records
Parallel Markets competitors and assessment
Company assessmentDirect peers
- Persona: Persona is an identity verification platform offering KYC, KYB, AML, and reusable identity for financial services and other regulated verticals. It directly competes with Parallel Markets in serving fintechs and platforms with configurable identity workflows.
- Alloy: Alloy is an identity decisioning platform used by banks and fintechs to orchestrate KYC, KYB, and AML checks. It overlaps directly with Parallel Markets' reusable identity and compliance monitoring capabilities for financial institutions.
- Jumio: Jumio is a global identity verification and AML/KYC provider serving financial services, fintech, and online platforms. It competes head-to-head on KYC, biometric verification, and ongoing risk monitoring for Parallel Markets' target segments.
- Onfido: Onfido provides AI-driven identity verification and KYC/AML onboarding solutions for financial institutions and fintechs. Its document and biometric verification capabilities parallel Parallel Markets' KYC and accreditation workflows.
- Sumsub: Sumsub offers a full-stack identity verification, KYC/KYB, AML screening, and compliance orchestration platform. It is a direct competitor in serving crypto, fintech, and investment platforms with reusable identity and risk monitoring.
- VerifyInvestor: VerifyInvestor specializes in accredited investor verification services for Reg D 506(c) and 506(b) offerings. It competes most directly with Parallel Markets' core 506(c) accreditation offering.
- Veriff: Veriff offers AI-powered identity verification with biometric and document checks for fintechs and financial institutions. It is comparable in KYC capabilities and target customer base to Parallel Markets' onboarding flows.
Broad incumbents
- iCapital: iCapital is the parent company of Parallel Markets post-January 2025 acquisition and operates one of the largest alternative investment and private markets platforms. It is the acquiring incumbent whose onboarding workflow Parallel's identity technology now powers.
- Plaid: Plaid provides financial data connectivity and identity/account verification infrastructure for fintechs and banks. While broader in scope, its identity layer competes with parts of Parallel Markets' reusable identity stack for onboarding financial products.
- Carta: Carta operates cap table, equity management, and investor onboarding infrastructure for private markets. Its investor KYC/AML and accreditation workflows overlap with Parallel Markets' private-market compliance use cases.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Parallel Markets social profiles
Digital presenceParallel Markets financial estimates
Financial estimateRevenue estimate
Valuation estimate
Parallel Markets leadership team
Management profileNumber of profiles
Profiles1 record
Parallel Markets subsidiaries and ownership
Company hierarchySubsidiaries1 record
Parallel Markets funding detail
Funding detailFunding overview
Funding rounds3 records
Investors10 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Parallel Markets M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Parallel Markets
What does Parallel Markets do?
Parallel Markets provides an API-first digital identity verification and accreditation platform for financial institutions. It combines KYC onboarding, KYB corporate verification, SEC 506(c) accredited investor verification, and perpetual AML/sanctions monitoring into a unified system, with a reusable investor identity (iCapital Investor Passport) that allows verified credentials to be ported across participating platforms.
Is Parallel Markets a public or private company?
Parallel Markets is a private company. It is classified as corporate owned and is currently acquired.
When was Parallel Markets founded?
Parallel Markets was founded in 2018. It employs 11 to 50 people.
Where is Parallel Markets based?
Parallel Markets is headquartered in New York, United States, in the North America region.
How does Parallel Markets make money?
Two revenue lines are on record. Platform Licensing / Subscription is the primary driver. The others are API Usage / Transaction Fees.
Who are Parallel Markets's main competitors?
Direct peers on record are Persona, Alloy, Jumio, Onfido, Sumsub, VerifyInvestor and Veriff. Broad incumbents are iCapital, Plaid and Carta.
Does Parallel Markets have an API?
Yes. Parallel Markets offers a public REST API for identity and accreditation verification. The API uses OAuth 2.0 for authentication (legacy v1.x) and API Key authentication (v2.x Case Management API). Key endpoints include: Profile API (user/business profile information), Accreditation API (accreditation history and status), Identity API (KYC/AML data and validation), and Case Management API (records, statuses, comments, changes, risk matches, files, accreditations, requirements). The API uses bearer token authentication and supports rate limiting of 100 requests per second. Both production (https://api.parallelmarkets.com) and sandbox/demo (https://demo-api.parallelmarkets.com) environments are available. OpenAPI/Swagger specifications are available for download. Developer documentation is at developer.parallelmarkets.com.
What industry is Parallel Markets in?
Parallel Markets's product category is Identity Verification & Compliance Software. Its primary akta.pro industry code is FSAGAFAA, Identity Verification & Digital ID (IDV, eIDAS, biometrics), with a secondary code of FSAMAMAK, Beneficial Ownership (UBO) & Corporate Registry Verification (KYB). Its NAICS code is 522320 and its SIC code is 6199.