Identity verification platform CheckpointID has secured $1.5m in its Series A round and will help to expand its team.
RET Ventures, a Utah-based venture capital firm focused on solutions which help the real estate space, led the Series A round.
From the injection of capital, CheckpointID is hoping to expand the size of its team in order to meet increased demand from the multifamily industry. The funding comes after a strong year of growth for the company which increased the number of solutions deployed from 21,000 to 125,000.
Arizona-based CheckpointID is an identity verification solution which offers point-of-transaction transparency of customers before apartment tours and move-ins. Multifamily property owners and operators can use CheckpointID to verify IDs through a simple scan, helping to protect assets from criminal’s renting through a false ID.
The solution works by matching ID codes with those found on government-issued IDs in real-time, to detect inaccuracies and alert multifamily operators of fake credentials.
CheckpointID CEO Terry Slattery said, “Three percent of all apartment tours begin with a forged ID, which allows potential renters to hide everything from bad credit to a criminal history. This endangers not only the touring agents, but also everyone living in the entire multifamily property.”
Identification solutions have seen a lot of activity over the past couple of months. Earlier in the week, identity management company Authenteq pulled in $5m for its Series A round. The company empowers consumers to verify their identity and establish their own digital ID stored on an encrypted blockchain platform.
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