IDnow secures $40M investment to expand to key markets
European video identification and eSigning provider IDnow has secured a $40 million investment from Corsair Capital that will be used to further stimulate the growth of its Identity Verification-as-a-Service (IVaaS) platform in Europe, and team expansion in other markets, the company announced.
Founded in 2014, IDnow boasts a total investment of more than $53 million.
In May, IDnow appointed Andreas Bodczek as CEO and Joseph Lichtenberger as CFO, so they could focus on the company’s planned expansion into new industries and European markets. Top priority regions are France and the U.K. where the company wants to open new offices.
“We are thrilled to have Corsair as a long-term partner and look forward to benefitting from the firm’s deep sector experience and strong global network,” Bodczek said. “IDnow is well-positioned to capture greater market share in Europe and beyond, as we continue to lead the way in the growing digital identity verification space.”
“We are delighted to invest in IDnow and look forward to partnering with its management team to drive its next phase of growth,” said Raja Hadji-Touma, Partner at Corsair Capital. “Our investment is the result of a thematic focus on businesses that address new requirements arising from the digitalization of many financial transactions and processes, such as security. IDnow is well-positioned to provide innovative and effective solutions addressing pressing digital security and fraud prevention needs across the European market and beyond.”
Raja Hadji-Touma and Edward Wertheim, Principal at Corsair, will be part of IDnow’s board of directors.
Earlier this month, IDnow announced it was providing online biometric identification and verification assistance most top German fintechs, after it joined FIDO Alliance in September to help boost online transaction security.