Microblink, Au10tix, Veriff answer increased demand for AI-enabled IDV

A growing demand for advanced identity verification has driven recent wins for digital identity vendors. Microblink, Au10tix and Veriff are showing growth, expanding operations and preventing massive amounts of fraud.

Microblink added 200 documents, saw double-digit revenue growth in 2024

A release from Microblink says the Brooklyn, New York firm achieved several key milestones in 2024.

The company saw revenue grow by a double-digit percentage for the fifth consecutive year, as 20 percent of their clients expanded product use.

Its flagship products, BlinkID and BlinkID Verify, became available on Google Cloud Marketplace. It expanded its identity document verification services into industry verticals including human resources, travel, hospitality and banking. It added features and capabilities to BlinkID, BlinkID Verify and BlinkCard, including real-time advanced fraud detection.

And its Fraud Lab implemented synthetic data generation to replicate fraud attacks and accelerate support for new identity documents, leading to the addition of more than 200 new ID document types.

“We are proud of the significant progress we made in 2024,” says Microblink President of Identity Hartley Thompson. “We are committed to continuing to innovate and deliver world-class identity verification solutions that help businesses stay ahead of emerging threats and create seamless digital experiences.”

Per the release, Microblink’s proprietary in-house machine learning tech powers verification for more than 20 leading identity solution providers, including 50 percent of the digital identity verification providers (as listed in the Gartner 2024 Magic Quadrant for IDV.)

It has more growth planned for 2025, with several new product initiatives scheduled for Q1, evolving strategic relationships with key partners, and ongoing investment in research and development.

Au10tix India office aims to expands IDV offerings globally

Israel-based identity verification and risk management firm Au10tix says that in 2024 its products protected businesses worldwide against an estimated $7.5 billion in fraud, much of it generated by AI.

A release says that brings the company’s total amount of fraud prevention to approximately $24 billion since 2021.

The company expanded its identity verification product portfolio last year, adding Know Your Business (KYB) and Anti-Money Laundering (AML) tools and a digital ID verification hub. It offers a free, data-driven risk assessment model tool to help organizations craft fraud prevention strategies. And its orchestration engine enables customization to fit clients’ specific business needs.

Au10tix also opened an office in Bengaluru, India, to strengthen its presence in the global IDV market.

Dan Yerushalmi, CEO of Au10tix, says the firm’s “continued growth and expansion, particularly in developing innovative solutions and building our global team, positions us strongly to address evolving fraud challenges across industries.”

Veriff continues upward trend in revenue growth

Identity verification and authentication platform Veriff also saw significant growth in 2024. According to a company release, the firm saw strong 75 percent year-over-year revenue growth in Q4 2024, tripling its volumes and increasing the number of customers by 60 percent compared to the same period last year.

Kaarel Kotkas, founder and CEO of Veriff, says the Estonian verification company “is in the strongest position ever – we are the fastest growing company in the identity space with a solid balance sheet, and we are focusing on profitable growth.”

While most of the company’s revenue comes from the U.S., some of its focus for 2025 is on Latin America, where the company’s business volumes grew most strongly last year. It has plans to expand its footprint in the region by opening a tech hub in São Paulo, Brazil, this spring.

“I am proud that a number of globally renowned large tech companies that we as consumers use daily are Veriff customers today,” Kotkwas says.

2024 also saw the firm significant updates to its IDV product suite in enabling AI automation, as well as enhancements to the Veriff Biometric Authentication product, and successful completion of iBeta Level 2 biometric liveness detection compliance.

Article Topics

AU10TIX  |  biometrics  |  digital identity  |  fraud prevention  |  identity verification  |  Microblink  |  Veriff