Shufti Pro plans global biometric KYC expansion with $20M Series A funding round
Shufti Pro has raised $20 million to accelerate the global expansion of its biometric face verification, know your customer checks and anti money laundering screening in a Series A funding round.
The funding round was led by Updata Partners, which invests in software startups, and is expected to help Shufti Pro reach new identity verification markets, as well as enhance its IDV solutions and build out its suite of tools for KYC and AML compliance.
The company says its mantra is to provide a seamless KYC customer experience, and that trusted digital identity services has become more important than ever with the acceleration of digital transformation. The unique capabilities Shufti Pro brings to biometric customer onboarding, background checks and identity management, according to the announcement include the most advanced fully automated solution, global coverage with support for Arabic and all other major languages, and a highly configurable and customizable platform which can even be installed on-premise.
“Our configurable and fully automated platform allows customers to incorporate a frictionless verification process specific to their business objectives and provides the flexibility to address data privacy and security requirements, including the ability to deploy an on-premise solution,” comments Shufti Pro CEO Victor Fredung. “We strive to provide the global coverage demanded by borderless organizations.”
Shufti Pro is now serving over 500 clients around the world, signing up fintech firm Fynxt for its selfie biometrics and ID document checks for customer onboarding last month. It also picked up multiple awards for its identity verification and authentication services last year and recently published research on digital fraud.
“The funding round was about finding a strategic partner that has the relevant experience and knowledge, which we truly believe we have found,” states Shufti Pro Founder and CTO Shahid Hanif. “We can now develop more exciting products and solve onboarding and compliance issues faced all over the World.”
“We were impressed by the technology and commercial progress achieved by a bootstrapped business,” says Updata Partners Partner Braden Snyder. “Shufti Pro is poised to build on this strong foundation and accelerate growth.”
The deal comes just over a week after Thirdfort raised $20 million to grow its AML platform.