IDnow, an identity verification-as-a-service solution, has collected $40m in a growth equity investment from private equity firm Corsair Capital.
Having secured the investment, the RegTech will look to expand its product range and capture a larger market share across Europe. A key focus of IDnow currently is the opening of offices in France and the UK.
Founded in 2014, IDnow is an AI-powered identity verification platform which is used to help firms with their online security and fraud prevention capabilities. The platform uses AI to check all security features on ID documents to identify if it’s a forgery.
Corsair Capital partner Raja Hadji-Touma said, “We are delighted to invest in IDnow and look forward to partnering with its management team to drive its next phase of growth. Our investment is the result of a thematic focus on businesses that address new requirements arising from the digitalization of many financial transactions and processes, such as security.
“IDnow is well positioned to provide innovative and effective solutions addressing pressing digital security and fraud prevention needs across the European market and beyond.”
As part of the deal, Hadji will join the IDnow board of directors, as well as Corsair principal Edward Wertheim.
The investment comes just months after the RegTech appointed Andreas Bodczek as its CEO and Joseph Lichtenberger as its CFO. In their new roles they are looking to expand the business in the German financial industry and establishing operations in France and the UK.
IDnow is pushing to increase expansion into new industries and European markets as it looks to surpass the €100m turnover barrier within the next few years.
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Copyright © 2018 RegTech Analyst