Estonian identity verification business Veriff has closed a $69m Series B financing round led by IVP and Accel.
The round will also see Jules Maltz of IVP and Matt Weigand of Accel join Veriff’s board of directors.
The recent investment now brings the company’s total acquired funding to date to $92.8m, following the earlier $15.5m Series A round in July last year and $7.7m in 2018.
Established in 2015, Veriff an online identity verification company that protects businesses and their customers from online identity fraud. The firm said its video-first verification technology leverages more than 1,000 data points to give transparent responses and provide security and trust for businesses.
Veriff’s AI-powered decision engine uses machine learning to analyse over 9,000 government-issued IDs from over 190 countries across 36 different dialects. The company recently introduced Face Match, an AI-powered feature that authenticates a person online with the aim to mitigate fraud and identity theft.
According to Veriff, this latest round of funding will aid the company in building on the ‘fast-growing’ market opportunity in the US as well as delivering on its promise of building a stronger source of identity online than government-issued IDs alone currently provide.
Veriff claims it experienced 6x growth in annual reoccurring revenue during 2020 because of the spiking of the ID verification market due to the pandemic-driven accelerated digitisation worldwide. In addition, the firm said it identified and stopped identity fraud for a number of top Fortune 500 companies.
Veriff founder and CEO Kaarel Kotkas said, “At Veriff, we are building trust and transparency in the online world, and our round marks the highest Series B amount raised to date in the IDV market, putting us one step closer to eliminating widespread identity fraud while helping businesses grow and go digital.
“Veriff is considered a “secret weapon” to fight against fraud and solve the hassle of online identity verification. Now backed by top investors in the world, we look forward to partner up with more companies to solve their identity verification challenges and work towards bringing more trust online.”
Maltz added, “In a world that is becoming increasingly remote and digital-first, every company needs a solution like Veriff to facilitate internet trust. Veriff is setting the standard for the IDV market and we’re proud to support Kaarel Kotkas and the team as they build a large, mission-driven company.”
Earlier this year, Veriff partnered with Tanzania-based NALA Money to aid the latter in improving secure access to financial services.
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