The founder and former CEO of DirectID, James Varga, has officially departed from the company as he looks to new endeavours.

Having stepped back from the top position last July to focus on his role as the founder, Varga, speaking in a statement released today (January 10), stated that after 13 years with the Edinburgh-based fintech firm, he believes it’s time for a new chapter.

Reflecting on the company’s journey, he highlighted their pioneering work in fintech and advocacy for open banking, which predates the global movements in these areas.

Varga also expoused his involvement with X3, a business growth event focused on the Scottish ecosystem, and emphasised his commitment to fostering a global-first mindset. He aims to support UK exports through collaborations with organisations such as SDI, DBT, Tech Export Support Group, SHIFT, Fintech Scotland, and others. His focus aligns with his work at First Carbon Investments, addressing the crucial challenge of funding green energy production.

The common thread among his new projects is the transformative power of data. In an era where ‘data is the new oil,’ Varga is exploring innovative approaches to leverage AI in unlocking its true value for macro to micro decision-making processes.

Recommended reading

• Scots Fintech DirectID Appoints New CEO
• DirectID Enters Partnership to Provide Stable Income to Freelancers
• Scots Fintech Clinches £7.9m Investment from IKEA Store Owner

Having served as CEO since founding the company in 2011, Varga played a pivotal role in establishing open banking standards in the UK, assisting over 170 organisations with valuable data and insights. The new CEO, Chris Mills, brings 15 years of leadership experience in financial services, previously serving as the CEO of the UK’s largest independent mortgage broker, L&C.