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January 18, 2024

DirectID founder James Varga exits company’s helm after 13 years.


James Varga, the founder of open banking platform DirectID, has announced his departure from the company after 13 years. Varga founded the Edinburgh-based risk and decisioning platform in 2010 and has now made the decision to leave to pursue other projects. These projects will include co-founding the X3 Global Summit and collaborating with other organisations to explore the transformative power of data and the application of AI.

Key points:

  • DirectID founder James Varga is leaving the company after 13 years, effective December 2023.
  • Varga plans to co-found the X3 Global Summit and work on projects exploring the transformative power of data and AI.
  • DirectID operates a platform that allows lenders to use open banking data for income verification and financial health features.
  • Varga had served as the company’s CEO until July 2023, when he passed the role to Chris Mills.

James Varga, the founder and former CEO of DirectID, has announced that he is departing from the Scottish open banking platform after 13 years. In a departing email, Varga explained that he had made the decision to move on and that he sees this as a pivotal moment in his life. He expressed gratitude for the experiences and lessons he gained during his time at DirectID, stating that they would shape his future endeavours.

In terms of these future projects, Varga revealed that he plans to co-found the X3 Global Summit, which is set to begin in May. The summit aims to explore the theme of realising the transformative power of data and will bring together industry leaders to discuss the application of AI in this area. Varga also mentioned collaborations with the Tech Export Support Group, Shift, and Fintech Scotland, among others. These collaborations will continue the work of exploring the value of data and the changing perception of measuring value.

DirectID, the company Varga founded in 2010, operates a platform that enables lenders to leverage open banking data for income verification and financial health features. The platform streamlines the credit risk lifecycle by providing lenders with access to real-time financial data, helping them make more informed lending decisions. DirectID raised €9 million in minority stake funding in February 2023, demonstrating its ongoing success and growth under Varga’s leadership.


Chris Mills, the former managing director of L&C Mortgages, succeeded Varga as the CEO of DirectID in July 2023. Mills will now lead the company in its next chapter as Varga moves on to pursue new initiatives and further explore the potential of data and AI in the financial services industry.

Source: FinTech Futures