Veriff Raises $ 69 Million in Series B Funding to Fight Online Fraud, Making Identity Verification Hassle-Free
Veriff offers the most powerful identity verification service available online. Its innovative technology harnesses more than 1,000 data points to provide transparent answers and bring security and confidence to businesses. While others in the space have focused on document data mining and light checks, Veriff offers the most accurate online identity verification service with its video-first approach that extends reach. of its service capabilities across industries and use cases. Its goal, an AI-powered decision engine, uses machine learning to analyze more than 9,000 variations of government-issued credentials from over 190 countries in 36 different languages.
With this latest round of funding, Veriff will continue to capitalize on its rapidly growing market opportunity in the United States and deliver on its promise to create an online source of identity that is stronger than government-issued ID cards. on their own.
“In an increasingly remote and increasingly digital world, every business needs a solution like Veriff to facilitate Internet trust,” said Jules Maltz, general partner at IVP. “Veriff sets the standard for the IDV market and we are proud to support Kaarel Kotkas and the team as they build a great, mission-driven business. “
In 2020, the IDV market has soared. Consumers losing roughly $ 56 billion Every year, due to identity theft, the IDV market is experiencing significant demand due to the accelerated digitization caused by the pandemic across the world. Veriff tripled the number of customers and experienced 6X growth in annual recurring revenue in 2020, identifying and stopping identity fraud across the globe for a number of large Fortune 500 companies.
“Veriff is a global IDV powerhouse,” said Matt Weigand, partner at Accel. “We look forward to supporting Veriff’s efforts to help businesses prevent online crime and establish a vital part of their business: building trust with customers.”
Unlike other IDV solution providers, Veriff’s IDV technology has been designed Estonia, a country with a population of just 1.3 million and a national identification system that allows its citizens to pay taxes, vote in elections, view health records and access financial services online. Veriff’s first video artificial intelligence technology combined with a sophisticated data crosslinking factor in signs of identity fraud that basic data mining, a still image or biometrics may miss. Veriff provides the technology its customers need to prevent fraud and stay ahead of cybercriminals.
“At Veriff, we are building trust and transparency in the online world, and our round marks the highest Series B amount to date in the IDV market, bringing us one step closer to eliminating widespread identity fraud. while helping businesses grow and go digital, “mentioned Kaarel Kotkas, founder and CEO of Veriff. “Veriff is considered a ‘secret weapon’ in fighting fraud and solving the hassle of online identity verification. Now backed by the world’s largest investors, we look forward to partnering with more companies to solve their identity verification problems and work to build trust online. ”
For more information about Veriff, please visit our website.
Veriff is a global online identity verification company that empowers organizations to build trust with their customers through intelligent, accurate and automated online IDV. The largest database on the market, Veriff’s intelligent decision engine can analyze thousands of technological and behavioral variables in seconds, matching people to more than 9,000 government-issued IDs in more than 190 countries. Founded in 2015, Veriff serves a global portfolio of organizations in the fintech, crypto and mobility industries. This latest investment brings to date the total guaranteed financing of Veriff to $ 92.8 million. Veriff investors include Y Combinator, Mosaic Ventures, Nordic Ninja, Accel, IVP and others. With offices in the US, UK and Estonia, Veriff has a team of more than 250 people from 34 different nationalities. To find out more, visit www.veriff.com
Founded in 1980, IVP is one of the leading venture capital and growth private equity firms United States. IVP specializes in growth investments in venture capital, industrial rollups, founders’ liquidity transactions and certain investments in the public market. IVP investments include notable companies such as AppDynamics, Coinbase, Compass, CrowdStrike, Datadog, Discord, Dropbox, GitHub, Glossier, Grammarly, HashiCorp, Hims & Hers, HomeAway, Hopin, Klarna, LegalZoom, Looker, Marketo, MasterClass, Mindbody , MuleSoft, Netflix, Personal Capital, Podium, Rubrik, Slack, Snap, Supercell, Tanium, Twitter, UiPath, Wise, Yext, ZenDesk, ZipRecruiter and Zynga. To learn more, visit www.ivp.com or www.twitter.com/IVP
Accel is a global venture capital firm that is the premier partner of great teams everywhere, from its inception to all phases of growing a private business. Atlassian, Braintree, Cloudera, Crowdstrike, DJI, DocuSign, Dropbox, Etsy, Facebook, Flipkart, Freshworks, Jet, Pillpack, Qualtrics, Slack, Spotify, Supercell, Tenable, UiPath and Venmo are some of the companies that Accel has supported in the past 35+ years. Accel helps ambitious entrepreneurs build iconic global businesses. For more information, visit www.accel.com or www.twitter.com/accel.
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