Incode joins growing list of RegTech unicorns

Identity verification and authentication platform Incode has earned its horn after a $220m funding round brings its valuation to $1.25bn.

The Series B funding round was led by General Atlantic and SoftBank, with commitments also coming from J.P. Morgan, Capital One Ventures and Coinbase Ventures. Existing Incode backers DN Capital, 3L Capital, Framework Ventures, Dila Capital also committed capital to the round.

This investment round was also backed by SVCI (Silicon Valley CISO Investments), a group of over 50 technology CISOs, and the founders of dLocal.

Over the past 12 months, Incode has grown its revenue by six-times.

Incode has developed an omnichannel orchestration platform that lets companies have a single integration point to solve identity problems, from onboarding customers through to authentication. Through its end-to-end automation technology, clients can reduce their manual workflows, increase conversion and reduce fraud.

Incode Technologies founder and CEO Ricardo Amper said, “Our ‘One Identity Everywhere’ vision is transforming the way humans experience their identity journeys with companies.

“We have created an experience that is so seamless and frictionless, it brings that ‘Wow’ moment to the end customer when onboarding to a new bank, checking into a hotel or being admitted to a hospital. By reinventing these experiences, we are building trust and creating delight between enterprises and their customers.”

The company previously raised $25m in its Series A round in March 2021.

Several RegTech companies have joined the unicorn club this year. In September, identity infrastructure company Persona reached a $1.5bn valuation after the close of its Series C.

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