India-based IDfy said to raise $2.1m in its new funding round

Digital KYC solution IDfy has reportedly raised around $2.1m in funding to support its growth and expansion plans.

The capital was supplied by previous IDfy backers Millenna FVCI III, NB Ventures and Dream Incubator, according to a report from Inc42.

Of the Series A funding, Millenna supplied around $2m, Dream Incubator deployed $100,000 and NB Ventures injected $50,000, it said.

Millenna will now hold a 34% stake in the FinTech, with Dream and NB both having around 5% of the total company shares.

Funds from the round will be used to support the growth and expansion of the platform, increase research and development efforts and increase working capital.

IDfy is a digital KYC platform for the banking, financial services, insurance, recruitment, PEP marketplaces, and on-demand economy industries.

Its technology provides companies with a digital identity verification tool capable of conducting necessary compliance assessments within ten seconds. The user can either verify themselves through image or video KYC means.

The RegTech has allegedly raised around INR 19.5 crore ($2.6m) in previous funding rounds, from backers including New Enterprise Associates, NB Ventures, the Neelesh Bhatnagar family office and dream Incubator, the article said.

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