Fully-Verified successfully raises financing round for its biometric identity solutions
Fully-Verified, a Tallinn, Estonia-based company that provides biometric identity verification, said it raised “capital to further grow [its] business and deliver Know Your Customer (KYC) and identity verification services to businesses looking to move their operations online, while not sacrificing security and compliance.”
KYC is a regulatory requirement in the banking community, largely implemented to combat money laundering by ensuring banks have the appropriate information to know who their individual customers – persons and businesses – are.
“We take the best there is in terms of technology (video + AI), and use it in the background.
But we let real-human, trained verification specialists make the final decision,” the company explained, adding it supports verification with most document types from almost anywhere in the world and is available on smartphones, tablets, and computers.
The company says its automated identity verifications for self-verification on video, for example, must “go through the whole procedure on their own,” which involves the entire procedure recorded on video, rather than just pictures. All evidence is sent to the appropriate individual (including pictures of documents, selfies, video, and document details) to go beyond just a yes or no response, and everything is validated – not only document authenticity, but also the person holding it and the two compared together plus everything on video.
A Startup Wise Guys backed company, Fully-Verified said it is taking advantage of what it described as “ever-growing pressure on remote service delivery” capabilities. Startup Wise Guys was among the largest early stage investors in Europe beginning 2012 in Estonia and said it has “invested in more than 165 early stage startups with founders from more than 40 countries. We are also the most experienced accelerator in the region with 17 programs up to date and strongest footprint in CEE and CIS countries,” the investment group adds.
The firm says that “in a high risk investment market, we are happy to see way more than half of our accelerated companies still actively running business and growing,” claiming that more than 7 out of 10 “accelerated startups raise a seed round above ($)100,000 within six months of graduation.”
Fully-Verified provides a spectrum of video-based identity verification services it says are “aimed at delivering the highest level of security and compliance,” and now that it has secured a new financing round for an undisclosed amount led by Pomerangels investment fund, led by Krystian Stypuła, founder of Home.pl, J-Cash Holdings, and Samuli Koski-Lammi, the founder of BLStream/Intive, Qvistorp, Lavinium Holdings.
“The goal for this round is to strengthen the company’s position within the global market of identity verification and KYC services, as well as expand to new, emerging markets,” the company said in an announcement.
Fully-Verified said its range of services include “full video identifications – where a user connects with a verification specialist via a video call, to automated identity verifications on video, where a user can go through the whole procedure on their own.”
The company’s identity verifications are backed by automated document recognition and validation technology which supports what the company said are “over 7,700 documents from over 200 countries, face recognition, machine learning, AI, sanction/pep checks, as well as trained verification specialists,” adding, “Thanks to doing everything on a live video stream, customers can enjoy full transparency of the process, where the whole procedure is recorded on video and all the details automatically sent via API.”
“We’re very grateful to be appreciated by new investors, especially during difficult times like we see today with the Coronavirus epidemic,” said CEO Lucas Kwiatkowski, noting that “this investment will help us reach more people and deliver our KYC services to meet the quickly growing demand for remote, online-based compliance and identity verification services.”
“The market definitely needs solutions that will increase participants’ trust when providing services remotely,” added Pomerangels Managing Partner Tomasz Łasecki. “We have noticed great potential in Fully-Verified technology and, above all, in the team. The company already serves customers from around the world. We are already working together to reach new markets and gain recognition.”
“Fully-Verified has the potential to scale it’s operations and offer solutions which are in high demand on the current market, especially within the financial sector. We see an opportunity here to create a highly valuable company that will set new standards for this industry,” Stypuła added in a statement.