RapidLEI from Ubisecure, the GLEIF accredited Legal Entity Identifier (LEI) issuer specialising in the automation of the LEI provision process, today reports its LEI growth rate has exceeded 135% for the first quarter of 2019. The issuance data, as published by the GLEIF, represents an incredibly strong beginning to 2019 for the company and a continued market endorsement of RapidLEI’s disruptive, partner-led approach to making LEIs more accessible.
RapidLEI launched in June 2018, and after 9 full months of operations, shows growth outpacing the incumbent competition including Bloomberg, DTCC (GMEI Utility) and the London Stock Exchange. In terms of total LEIs issued by all 33 accredited global LEI Issuers, RapidLEI ranked 6th by issuing LEIs to 3477 companies in Q1 of this year.
Of those 3477 companies, over half had their LEIs issued in the month of March alone. This elevated RapidLEI to the 4th larger issuer for the month illustrating the growth curve RapidLEI is experiencing as the year unfolds.
Overall, the number of companies issued LEIs by RapidLEI increased from 2578 at the end of 2018 to 6310 by the end of the first quarter of 2019 – representing a quarterly growth of 135%. For the same period, RapidLEI’s 135% growth compares to 12% for Bloomberg, 2% for DTCC (GMEI Utility) and 2% for the London Stock Exchange. The RapidLEI growth statistics are more impressive considering that the majority are new companies without previous LEIs, and not LEIs switched over from competing LEI issuers.
RapidLEI’s growth is being driven by the company’s disruptive approach to the market which comprises of several connected areas:
- Automation and User Experience – RapidLEI uses automation technology to make the LEI process faster, simpler and more accurate.
- Multi-year LEIs – RapidLEI issues LEIs with validity of 1-5 years. Annual renewals are processed automatically thanks to the system’s automated checks on company data changes.
- Partner Ecosystem – RapidLEI is a partner-first company, and in the first quarter announced multiple global strategic relationships including APIR, LEI Register, ProfileAddress, Managed LEI and GoGetSSL. Additional partner announcements will take place throughout Q2.
The company is confident the hockey stick growth will continue, especially as the company’s focus now shifts onto the next areas of disruption:
- Integration – true to its API-first approach, RapidLEI recently launched a same-session LEI issuance API to make it easy for 3rd party developers to build LEI issuance into their applications and workflows. The first API integrations are expected to go live in Q2.
- New Use Cases – RapidLEI continues to work with high profile standards bodies and lobby groups to connect the LEI ecosystem to other internet security ecosystems. The company will make several major announcements in Q2 regarding new strategic relationships.
In the coming months, Ubisecure will be launching its new Right to Represent (RtX) service across target regions. This new service uses LEIs as a central identifier in a database of highly assured organisations and the individuals (and their roles and rights) associated with that organisation. A Ubisecure IdP cloud service will be made available for LEI based authentication for 3rd parties to obtain assertions on the individual’s rights in real time.
Paul Tourret, Corporate Development Officer with Ubisecure & RapidLEI said “The LEI market has responded well to our unique approach and we’re grateful that Ubisecure has been warmly welcomed into the organisation identity ecosystem. The RapidLEI team has done a stellar job of establishing a fantastic customer service culture, scoring 9.4 for customer satisfaction on TrustPilot, as well as a global partner network that is scaling with our phenomenal growth. We can now focus on bringing the greater value of LEIs to the world – namely new use cases and services using LEIs as the central identifier. That’s how organisations all over the world will benefit most from the assurance capabilities of the LEI system and ultimately why Ubisecure became an accredited LEI issuer.”