India-based IDfy, which provides ID verification and onboarding solutions, has raised INR 86 crore ($11.4m) in its Series D funding round.
TransUnion and Blume Ventures. Served as the lead investors to the round.
With the capital, IDfy will bolster its product offering and expand its business and operations.
The RegTech company also hopes to continue its international growth. Over the past six months, IDfy has supported companies across Southeast Asia and the Middle East to onboard verified merchants and customers.
The AI-based platform streamlines and automates KYC, employee and merchant onboarding.
Its platform is used within the payments, e-commerce and mobility sectors. IDfy claims the platform has helped over 70 million verifications for over 500 clients.
Blume Ventures managing partner Karthik Reddy said, “Accurate identification and verification of people is critical for our economy to progress as an estimated 400 million more Indians enter organised employment by 2025 and start accessing mainstream financial services.
“With a majority of these engagements being remote and virtual, we look at IDfy as an infrastructure play that will drive this growth. When we first invested in IDfy, they were already a pioneer in this sector. Our latest investment reaffirms our confidence in the company and its ability to direct digitisation in India as well as globally.”
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