Video selfie biometrics growth carries Veriff to $1.5B valuation in $100M funding round
Veriff is the latest biometric provider to raise $100 million in funding, with a Series C at a valuation of $1.5 billion.
The funding round was led by Tiger Global and Alkeon, with existing investors IVP and Accel also participating. Veriff has now raised a total of $200 million. The new funds will be used to accelerate global growth and support research and development to expand Veriff’s product portfolio, according to a company announcement.
The company claims increases in digital identity verification volumes in 2021 of eight-times globally and twenty-times in the U.S. Identity verifications for Veriff’s financial sector customers, 95 percent of which use the company as their primary IDV provider, also increased by ten times in 2021, the company says.
The company’s core business remains video-based IDV for fraud prevention utilized by online service providers. A partnership to provide selfie biometric technology for onboarding to payroll and compliance platform Deel unveiled in November is among the latest examples.
“Organizations and consumers needed to verify identities online more than ever before in 2021 — from onboarding remote employees, to creating a safe space for gaming in the metaverse, and conducting business fully online – which makes the establishment of digital trust and transparency incredibly critical,” comments Kaarel Kotkas, CEO and founder of Veriff. “The gigantic boom in digital services has increased the demand for IDV for any business online, and every person on this planet can be a user of Veriff. I’m proud of the Veriff team for leading the way after a massive year of growth and for securing Series C financing with our new investors Tiger and Alkeon.”
Less than 10 months have passed since Veriff announced its $69 million Series B.
“A reliable IDV solution for today’s digital businesses and consumers has been exacerbated over the past two years as all operations moved online to conduct business,” states John Curtius, partner at Tiger Global. “Veriff has created an industry-leading product to ensure trust and safety online. Based on our research and customer calls, Veriff’s product performance leaves others far behind and should be used more widely by companies out there.”
Identomat picks up $3.2M in seed round
Also reporting an impressive fundraise to fuel growth in video selfie biometrics is startup Identomat, which raised $3.2 million in a Seed Round.
Identomat provides selfie biometrics and liveness checks for know your customer (KYC) and identity verification processes. Its technology is provided in modules, which include both active and passive liveness detection, ID document validity checking, and document optical character recognition (OCR) capabilities.
The key differentiator for Identomat is that all of its underlying technology is proprietary, giving it flexibility in deployment and workflow customization, according to the announcement.
The company was founded in 2019 by Georgian nationals, but is based in Illinois, and now serves dozens of customers across the banking and finance, crypto and blockchain, payments, insurance, telecom, and online gambling industries.