Identity verification company Passbase nabs Series A funding

Identity verification infrastructure Passbase has closed its Series A on $10m to support the creation of the first robust policy and workflow manager.

This investment was led by Costanoa Ventures, with participation also coming from Lakestar, Eniac Ventures and Cowboy Ventures.

With the funds, Passbase plans to scale its product suite and continue to simplify policy management for cryptocurrency, FinTech and other businesses. Growth plans also include hiring more staff.

Passbase is currently building the first robust policy and workflow manager to sit on top of its identity verification service. The feature will enable scaling companies to keep pace with regulations and enter new markets quicker.

The RegTech company also announced it had previously raised $3.5m in a seed-2 round.

Passbase was developed as a pivot away from the company’s origins as a cryptocurrency wallet, Coinance.

The platform now offers identity verification services to help companies meet KYC, AML and age restrictions, as well as helping teams manage verification flows around the world. Its technology, which can be integrated within 30 minutes, covers 6,000 IDs across 190 countries and 15 languages.

Over the past year, Passbase has increased its revenue by eight-times

Passbase CEO and co-founder Dave McGibbon said, “We built Passbase to solve our own problem back in 2018 to allow users to manage their digital identities across different cryptocurrency platforms in a compliant way.

“This round of funding brings us one step closer to being the trusted identity solution for web3 companies like Coinance. This is just the beginning for us as we pursue our vision of becoming a digital identity infrastructure that enables web3 companies to stay compliant and give control of digital identity back to individuals.”

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