Clients, equity fund invest in European ID verification firm Evrotrust

In a statement short on details, European ID verification service firm Evrotrust says it has received an investment of €3.3 million (US$3.55 million) for expansion and product development.

Private equity firm Silverline Capital and “existing clients” made the placement.

Evrotrust said a year ago that it had raised €2.5 million (US$2.7 million at the time) in equity funding from the Bulgarian Development Bank, an Evrotrust customer.

A planned series A round has yet to materialize.

Silverline’s undisclosed portion will go toward international expansion, according to the company. The company says it is hiring “top-tier” executives in Europe.

Other funding will develop an international digital ID wallet, which will work on EU and U.S. infrastructures.

Evrotrust has been recognized as a notified digital ID scheme by the European Commission. And looking in the near future, executives say, eIDAS 2 regulations will be formalized, which should give the industry a shot of energy.

The company claims 1.3 million users in 58 nations and 150 enterprises in 11 countries.

Article Topics

biometrics  |  digital ID  |  Evrotrust  |  funding  |  identity verification  |  investment