Parallel Markets
The business, the turning points, and the decisions behind them.
Some sections are still being researched2 / 4
Sections to complete：02 · 05
01 / WHAT IT BUILT
What the company did
Parallel Markets was a global investor identity company co-founded by CEO Tony Peccatiello, with Suzanne Elovic as President & Head of Partnerships. It offered a reusable financial identity 'Passport': an end-to-end solution for investor onboarding, verification and monitoring that eliminated duplicative KYC/AML compliance checks for advisors, fund managers and investors across traditional and crypto-native platforms. By 2022 it was live with 70 financial institutions, and it raised about $19.9 million in funding.
02 / FAILURE REASONS
Material for this section is being gathered and checked. It will appear here once ready.
03 / EVENT HISTORY
Events in the structured record
- Scale
Parallel Markets' reusable investor identity Passport was live with 70 financial institutions, aiming to expand to retail users.
- Acquired by iCapital
On January 15, 2025, iCapital announced a definitive agreement to acquire Parallel Markets, planning to turn the Passport into its first-of-its-kind reusable KYC/AML technology for alternative investments and its new 'iCapital Investor Passport'.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN / AFTERMATH
Material for this section is being gathered and checked. It will appear here once ready.