Veriff, a Tallinn, Estonia-based online identity verification startup, has raised $7.7m in funding.
The Series A round was led by Mosaic Ventures, with participation from Taavet Hinrikus, Ashton Kutcher, Paul Buchheit, Elad Gil, Elad Gil, Y-Combinator, SV Angel, ACE Ventures, LIFT99 and Superangel. In brings Veriff’s fundraising total to $8.4m having been back by 25 institutional and private investors to date.
With new capital onboard, Veriff intends to continue to expand operations, its development efforts and expand its business reach to the US market.
Founded by Kaarel Kotkas in 2015, the company has developed a technology to make it easy for companies to easily verify a person’s identity online. It provides small companies with an online identity verification solution, which allows any website or mobile application to verify your drivers license, passport or ID.
To provide a ‘seamless way’ to verify your customers identity, the company provides document validation, device fingerprinting, video analysis, face comparison, real-time results, and data validation according to its website. Veriff currently boasts over 40 paying customers globally including financial enterprises, marketplaces, sharing economy companies and e-commerce sites.
Current methods of identity verification often take too long to process, incur massive financial loss for both businesses & individuals, and often compromise the personal information of the user. With challenge in mind, a host of RegTechs have emerged offering to provide paperless, more secure ways to identify a customer.
Earlier this year, Toronto-based EnStream enhanced its portfolio of identity verification and device authentication services. The RegTech said the new services include enhanced analytics for name and address matching, mobile device authentication and mobile location services.
Signicat, a provider of electronic identity and electronic signature solutions, also recently partnered with Belgium Mobile ID.
As part of the deal, it will integrate the Belgian itsme digital identity scheme into its Digital Identity Platform to help Belgian financial institutions, online retailers, and other entities attract new customers and more seamlessly engage with existing customers.
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