IDnow biometric ID checks used by most top German fintechs
Biometric identification and eSigning provider IDnow is currently delivering online identification and verification assistance for nine of the 15 top fintech companies in Germany and 5 of the 10 German banks, securing a market-leading position, the company announced.
IDnow develops AI and machine learning-based digital contracting and onboarding process tools for clients such as UBS, Bank of Scotland, Western Union, N26, raisin and wefox.
The company claims to have secured leading market position thanks to the success of its fully automated artificial intelligence product called IDnow AutoIdent, which leverages facial recognition technology from Dermalog.
“We are very proud that we are so popular among German FinTechs,” says Andreas Bodczek, CEO of IDnow. “Long-term, intensive investment in our technology has paid off and we can present a first-class, stable technology for which our clients appreciate and recommend us.”
“It is very exciting for us to simultaneously work with the most innovative companies in Germany and world-class banks and to be able to function as a one-stop shop for their various needs. We have invested heavily in our platform technology over the past few years and that pays off for us and our clients,” continues Bodczek.
In January, IDnow opened a French office, and the company has also built a team to scale in the Anglo-American market. In September, IDnow joined the FIDO Alliance, alongside tech giants such as Google, Amazon, Softbank, and Facebook, to boost online transaction security by helping to create authentication standards and scaling down password reliance. That month, IDnow also signed a facial biometric security partnership with online gaming and lottery company Lottoland.
Under the newly appointed CEO Andreas Bodczek, the company has set a €100 million (US$109.8 million) turnover target for 2023.