Mexico-based digital identity platform Tu Identidad has closed its $600,000 funding round to support addition of new features.
Mexico and Latin America-focused venture capital firm Dark Horse Ventures led the investment, with participation also coming from fellow LatAm investor Finnovista.
This capital infusion is planned for the development of its technology which will include the launch of new features and services on its platform. Additionally, the capital will be used to boost international expansion efforts.
Tu Identidad aims to create an ecosystem of ID verification which can be used by individuals or businesses at any time. Whether this be for routine identity verification checks or for KYC and onboarding processes for banks and businesses, the company said.
Founded in 2017, Tu Identidad has designed a portable, user-owned digital ID credential system which can be used in a ‘large majority’ of businesses in Mexico. It works by letting individuals create their own digital identities through their mobile devices and can be used to simplify onboarding and identity verifications at various places.
The solution is available on Android and iOS devices and is expected to launch on desktop web soon.
Dark Horse Ventures founding partner Nicholas Broz said, “ID-verification-as-a-service represents a very attractive opportunity for Mexico and Latin America, regions where regulatory-driven requirements have led to expensive and inefficient business processes.
“Tu Identidad resolves a real problem faced by Mexican individuals and businesses, offering a safe, streamlined solution to identity proofing and regulatory identification, as well as preventing identity fraud. We completely support Tu Identidad’s vision and, thanks to the qualifications and experience of the team, we are very confident that they will achieve it.”
Copyright © 2018 RegTech Analyst
