Bulgarian eID provider Evrotrust raises $7.5M

Bulgarian national electronic identity scheme provider Evrotrust has raised 6.6 million euros (US$7.5 million) in investment. The company is planning to use the funds for further European expansion, particularly in Central and Eastern Europe and the DACH region, encompassing Germany, Austria and Switzerland.

The investment comes from Vienna-based venture capital firm 3TS Capital Partners. The goal is to bring “interoperable, reusable, user-centric digital identities that work seamlessly across borders,” the company’s CEO Konstantin Bezuhanov told Biometric Update.

“The investment will strengthen our presence in key European markets and accelerate both our go-to-market and R&D efforts, positioning Evrotrust among the leading trust service providers,” says Bezuhanov.

The Sofia-based company says it currently serves more than 1.8 million users within its ecosystem. Its clients include Mastercard and DSK Bank, a part of OTP Group. 

The company has been deepening partnerships with European authorities and relying parties to align with standards. The plan is to deliver products, such as high-assurance identity attestation, qualified trust services and KYC onboarding, to sectors such as finance, public services, healthcare and telecommunications, Bezuhanov adds.

“Our solution uses advanced encryption, liveness check and adheres to Europe’s highest standards,” says the CEO. “For businesses and institutions, it streamlines verification, reduces the volume of sensitive data handled and strengthens overall cybersecurity and compliance.”

Evrotrust’s eID became Bulgaria’s official digital identity program in 2023, allowing residents to access public services online. That same year, the Bulgarian Development Bank’s Capital Investment Fund took a stake in the firm, providing a 2.5 million euro ( US$2.7 million) investment. 

In 2024, private equity firm Silverline Capital and “existing clients” invested another 3.3 million euros (US$3.55 million) for expansion and product development.

Its newest investor, 3TS Capital Partners, has previously invested in European companies such as fintech Wealthon and operational technology (OT) networking platform Tosibox.

At the end of October, Evrotrust also appointed a new Chief Financial Officer, Adrian Hristov.

Article Topics

digital ID  |  e-ID  |  Europe  |  Evrotrust  |  funding  |  Qualified Trust Service Provider (QTSP)  |  reusable digital ID