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New risk profiling software and digital ID verification customer growth at Shufti Pro

Categories Biometrics News  |  Trade Notes
New risk profiling software and digital ID verification customer growth at Shufti Pro

Digital ID verifier Shufti Pro has launched new risk profiling software and is boasting new executive and staff hires, regional expansions and annual recurring revenue.

The risk profiling tool is designed to enable businesses to create individual digital ID verification journeys for their customers based on their risk profiles, comparing responses against a database of 10 billion identity elements.

Plans are being made, according to Shufti executives, to integrate blockchain support into the firm’s biometric ID verification products.

Growth goes beyond products, says Shufti. Headcount increased by 70 percent over the past year.

New hires include Steve Ullman as chief financial officer; Christian Wheeler, leading European sales; Patrick Kelly as sales lead for the Americas and Graeme Rowe as chief marketer.

Austin Grimes, was hired as head global partnerships, weeks after Shufti announced two integration partnerships. Grimes will be charged with building a new partnership program.

They all could have their hands full. The company says it is expanding its operations in Africa and the Asia-Pacific region. New offices have been announced for Boston, London, Sweden and Dubai. The company’s customer count also increased by 35 percent from mid-2021 to mid-2022.

“Governments and businesses across the globe are realizing the importance of centralizing digital identity verification to protect against rising fraudulent transactions and criminal activity,” says Shufti Pro CEO Victor Fredung.

The company’s growth can be attributed in part to the artificial and human intelligence that are part of Shufti’s software, says Fredung.

Shufti executives say annual recurring revenue grew almost 60 percent from June 2021 to June 2022, reportedly the fifth consecutive year of growth for that metric.

Underpinning the expansion has been a $20 million series A round closed earlier this year.

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