Veriff raises $15.5M as biometric selfie and ID check onboarding services grow
Veriff has raised €13.7 million (US$15.5 million) in Series A funding to accelerate its global growth and increase enterprise sales of its biometric selfie and ID document check digital identity verification technology.
The funding round was led by existing investors Y Combinator and Mosaic Ventures, and new investors including NordicNinja VC and Change Ventures, bringing the company’s total financing to roughly €21 million ($23.7 million). The company plans to follow with a larger B-Series funding round in the future.
The volume of verifications handled by Veriff increased by 35 times last year, and its sales volumes increased with major global customers in Silicon Valley signing up. The company is now up to 300 employees in Tallinn and Tartu, Estonia and New York, according to EU-Startups.
NordicNinja VC Managing Partner Rainer Sternfeld lauded the company’s successful entrance to the UK and U.S. markets in the press release, calling Veriff’s technology “an essential service with a potential to reach every person on the planet.”
Onboarding partnerships announced
Lithuania-based iDenfy is partnering with UK-based online banking platform Cashaa to apply its biometric facial recognition to meeting the requirements set by India’s RBI for cryptocurrency solutions.
The Indian cryptocurrency market holds a lot of potential, but the regulatory requirements for KYC and AML checks, along with fraud concerns, made the market challenging for Cashaa.
The UAE’s Commercial Bank of Dubai (CBD) has selected a biometric onboarding solution from Accura Scan to meet the KYC requirements for branchless banking and digital account opening.
The system allows new customers to open accounts in less than a minute, according to the announcement, through the integration of the Accura Scan SDK with the bank’s award-winning online banking platform and mobile app. The eKYC solution is used to scan an Emirates ID, passport, or other digital identity document in less than a second, and Accura Scan performs a 3D facial recognition and biometric liveness check.
The customer provides a Pan Number and Aadhaar account, and a video call is initiated through a dynamic verification code, with location geotagging confirming the applicant is in India.
The RBI announced at the beginning of this year that it would accept video KYC processes for remote regulatory checks during onboarding.
German startup joins market
The company provides KYC and AML checks through its Aident SDK, with an option to save hashes of data to a blockchain.
“Aident has delivered, and is in the process of delivering, major projects ranging from start-ups to multinational organisations,” the company’s Co-founder Nicole A. Weiser told Fintech Direct.
The company posted to LinkedIn for the first time only two weeks ago.