FB pixel

IDnow and Wise AI raise funds for biometric video KYC expansions

Categories Biometric R&D  |  Biometrics News  |  Trade Notes
IDnow and Wise AI raise funds for biometric video KYC expansions

IDnow will gain €15 million (US$18.1 million) in growth funding from The European Investment Bank (EIB), which will be used to support the company’s research and development into biometric video identity verification and international expansion.

IDnow specialises in secure, remote auto and video identification and electronic signature services. The platform uses artificial intelligence and facial recognition to authenticate individuals and checks security features on ID documents to reliably identify forged documents, in order for businesses to provide customer identification, contract conclusion, and manage transactions online. The technology helps customers meet know your customer (KYC) and anti-money laundering (AML) checks.

“The flexible financing structure from the EIB will allow us to accelerate our investment in developing the platform to capitalise on these opportunities. The EIB is an ideal partner to support us in becoming Europe’s leading provider in identity verification,” says CFO of IDnow, Joe Lichtenberger.

With its Identity Verification-as-a-Service (IVaaS) platform and non-manipulable identity verification, IDnow uses the highest levels of data security. Meanwhile the platform can check identification documents of more than 7 billion customers from 193 different countries which can potentially be verified in real-time, the company website states.

The platform allows the identity flow to be adapted to different regional, legal and business requirements on a per use case basis and the video identification process has been patented by the EU.

EIB’s funding operation is part of the European Growth Finance Facility (EGFF), a product under the guarantee scheme of the European Fund for Strategic Investments (EFSI). European small and medium-sized enterprises (SMEs) often lack the opportunity to gain large financing options for growth investments. The benefit of EFSI in this specific case is the clear enhancement of the risk capacity of the Bank.

“The transaction is an excellent example of how the EU bank, with the support of the Investment Plan for Europe, can facilitate the development of innovation, in particular in sensitive policy areas such as anti-money laundering, counter terrorist financing and cybersecurity,” says EIB Vice-President Ambroise Fayolle, who is responsible for EFSI.

Wise AI raises funds for eKYC from VC with connection to coming digital bank

Malaysian eKYC startup Wise AI, meanwhile, has announced an investment from Sun SEA Capital, a venture capital firm backed by conglomerate Sunway.

The unspecified investment comes just as Sunway prepares to apply for a digital banking license, according to the announcement. Central bank Bank Negara Malaysia approved remote bank account opening with eKYC earlier this year, and the company notes that developing eKYC infrastructure is essential for digital banks.

“The need for digitalisation has been accelerated due to the pandemic, and we see the opportunities for WISE AI to become the market leader. Through Sun SEA Capital’s investment, WISE AI is able to explore collaboration opportunities leveraging Sunway’s vast ecosystem across 13 business divisions as well as Sunway City Kuala Lumpur as a living laboratory to potentially test, validate and implement new ideas and services as a launchpad for future growth,” states Raymond Hor, director of Sun SEA Capital.

Article Topics

 |   |   |   |   |   |   |   |   |   | 

Latest Biometrics News


DPI critical to effective digital transformation in government

Robert Opp, chief digital officer of UNDP emphasizes the importance of viewing DPI as the digital equivalent of physical infrastructure,…


Age verification comes to social media as age of unregulated use nears an end

If trends continue, social media is set to follow in the path of cigarettes: an activity benefitting early from lax…


AI can save UK govt £40B annually, revolutionize public services: Blair Institute

AI will soon be used to pre-check applications for correct information, triage cases by calculating complexity and routing them appropriately,…


Papua New Guinea completes national data protection and governance policy

The Ministry of Information and Communications Technology has announced the completion of the national data protection and governance policy, marking…


Interpol issues call for biometrics firm to provide mobile data collection devices

Interpol has issued a tender for mobile ​​biometric collection (MBC) devices for collecting fingerprints and facial images. Specifically, the project…


ICE, CBP sued for details on migrant data sharing agreements

Digital rights advocacy group Access Now is suing the U.S. Customs and Border Protection (CBP) and Immigration and Customs Enforcement…


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events