Footprint, a firm specializing in identity verification and fraud prevention, has announced a successful Series A funding round, raising $13m.
The investment was led by QED Investors, with participation from existing investors Index Ventures, Lerer Hippeau, Operator Partners, BoxGroup, Palm Tree Capital, and Definition. Additionally, new investors Neo and Animal Capital joined the funding round.
The London-based company offers a comprehensive solution that unifies Know Your Customer (KYC) processes, security measures, and authentication protocols to automate consumer onboarding and mitigate identity fraud. Footprint’s platform aims to streamline the onboarding experience for consumers while ensuring the highest level of identity verification.
With the newly secured funding, Footprint plans to enhance its product offerings significantly. The company intends to focus on refining its identity verification processes, aiming to provide even more accurate and reliable verification services. This includes expanding the range of identification options available to consumers, such as credit bureau data, pay stubs, and vehicle information.
Furthermore, Footprint will launch its fraud detection suite, enhancing its capabilities to identify and prevent fraudulent activities. The funding announcement coincides with the introduction of Footprint Connections, a tool designed to facilitate collaboration among Footprint’s clients, leveraging the platform’s portability features.
Eli Wachs, CEO and co-founder of Footprint, emphasized the company’s commitment to redefining the approach to fraud prevention and identity verification.
He stated, “Core to Footprint is a new philosophy around who fraud and KYC companies should be trying to identify. Companies look to screen out bad actors but there are an infinite amount. In a new age of GenAI, fraudsters have even more tools to mass-create an abundant amount of authentic-seeming identities. We needed a new approach – one that labels good actors – so Footprint created a centralized network of authentic, de-duplicated identities. Now we can narrow the scope of who is in a pre-vetted field, leaving fraudsters less room to hide.”
Footprint’s innovative approach to identity verification has garnered significant attention from various industries, including financial services, automotive, and real estate. Since its launch, Footprint has witnessed substantial growth, with its dynamic onboarding tools boosting completion rates for clients and helping to identify thousands of cases of fraud.
Investors have recognized the potential of Footprint’s technology to address the growing challenges of identity fraud and data breaches, which represent significant financial losses for businesses worldwide. The company’s strategic focus on portable identity solutions and seamless integration has positioned it as a leader in the evolving landscape of fraud prevention and KYC compliance.
As Footprint continues to expand its footprint in the market, the company remains dedicated to providing innovative solutions that empower businesses to navigate the complexities of identity verification and fraud detection effectively.
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