Estonia’s Veriff, a global identity verification provider, said that it has secured $69 million in Series B financing in a round led by investment firms IVP and Accel.
This latest investment brings Veriff’s total secured funding to date to $92.8 million. Jules Maltz of IVP and Matt Weigand of Accel will also join Veriff’s Board of Directors as a result of the investment.
Veriff says it has the strongest identity verification service available online. Its innovative 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 utilizes machine learning to analyze more than 9,000 variations of government-issued IDs from over 190 countries in 36 different languages.
“In a world that is becoming increasingly remote and digital-first, every company needs a solution like Veriff to facilitate internet trust.”Jules Maltz, general partner at IVP.
“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,” Maltz said in a statement.
With this latest round of funding, Veriff will continue building on its fast-growing market opportunity in the U.S. and deliver on its promise of building a stronger source of identity online than government-issued IDs alone currently provide.
Other investors in the round included Taavet Hinrikus and Nordic Ninja.
In 2020, the identity verification (IDV) market surged. With consumers losing roughly $56 billion annually as a result of identity theft, the IDV market is seeing significant demand as a result of the pandemic-driven accelerated digitization across the globe.
Veriff tripled the number of customers and experienced a 6X growth in annual recurring revenue in 2020, identifying and stopping identity fraud across the globe for a number of top Fortune 500 companies.
“Veriff is a global IDV powerhouse.”Matt Weigand, partner at Accel
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