Veriff closes $15.5m funding round as it prepares for a larger Series B round

Veriff closed its new funding round on $15.5m as it prepares to increase its growth and sales to enterprise customers before it raises a larger Series B round in the future.

The capital was supplied by previous backers Y Combinator and Mosaic Ventures, as well as first time investors NordicNinja VC  and Change Ventures.

The company is expecting to raise

While the coronavirus has been hazardous for many companies, Veriff claims to have increased customer engagement during the pandemic. It also claims to have taken advantage of accelerated digitalisation across the globe.

Veriff managed to increase its verification volumes by 35% in 2019 and is on track to continue the growth trajectory, as well as reach profitability.

The RegTech platform helps companies to streamline their online identity verification capabilities. Its technology can validate more than 7,000 government-issued IDs, understand 35 languages, use network and device analytics, automatically extract data, analyse biometrics, check liveness, perform P2P and sanction checks, and more.

Rainer Sternfeld, managing partner of Japanese-Nordic venture fund NordicNinja VC, said, “Veriff has been able to significantly grow their business, successfully enter the market in the UK as well as in the U.S., and signed agreements with some Silicon Valley’s biggest players. We at NordicNinja are excited to see what the future has in store for Veriff, especially as it’s an essential service with a potential to reach every person on the planet.”

The RegTech company has raised a total of $23.8m in funding since it was founded in 2015. The company’s former funding round came in 2018, with it securing $7.7m from backers including Mosaic Ventures, Taavet Hinrikus, Ashton Kutcher, Y-Combinator, SV Angel, ACE Ventures, LIFT99 and Superangel.

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