Persona becomes the latest RegTech unicorn following Series C close

Identity infrastructure company Persona is the latest RegTech company to join the coveted unicorn status, after its Series C puts its valuation at $1.5bn.

The investment round closed on $150m and comes less than six months since it closed the $50m Series B.

Founders Funds led the latest round, with commitments also coming from Meritech Capital Partners, BOND, Index Ventures and Coatue Management.

With the funding, the company is looking to bolster its growth efforts, hire more staff and enhance its identity infrastructure. Furthermore, the capital will help the company continue its ambition of making the internet safer and more trusted.

Persona provides businesses with identity infrastructure to securely collect, verify and manage identities. It also offers tools to automate and streamline the end-to-end process. Its business solution provides a consistent brand experience and can be personalised to meet risk tolerance, use case and customer base.

The RegTech company recently launched its Workflows tool, which can automate identity processes for any use case.

This round comes after a strong year of growth for Persona. Its revenue has grown 20-times and its customer base has risen by five-times over the past year.

Persona CEO Rick Song said, “Identity is at the core of every business, whether you’re a bank verifying an account holder, a marketplace corroborating sellers, or a company onboarding new employees.

“But identity isn’t a one-off transaction — it’s a relationship. With Persona’s identity infrastructure, businesses can go beyond verifications and build trust throughout the customer lifecycle by offering a safer, faster, and more tailored experience for each individual.”

With the close of this Series C, the RegTech company has raised a total of $217.5m in funding.

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