Seemingly not a day goes by without seeing another fintech raise another funding round. But we’ve noticed that identity verification startups, subsector of fintech that verifies the identities of folks using a variety of technologies, are having their moment in the spotlight. That is why we decided to compile this roundup to show which recent fintechs in this category have received capital injections and what they’ll do with the funding.
(Are you an expert on identity verification companies? Feel free to reach out to me at [email protected] to chat with me about why this sector is seeing growth.)
Veriff: $69M Series B
Identify verification provider Veriff has raised $69 million in a Series B funding round led by investment firms IVP and Accel. The latest funding round brings its total funding to date to $92.8 million, according to a news release. The company said that it has two new board members as part of the funding round, specifically Jules Maltz of IVP and Matt Weigand of Accel.
Founded in 2015, the company provides automated online identity verification and claims its “intelligent decision engine can analyze thousands of technological and behavioral variables in seconds.” Veriff has a video-first approach that enables its reach of service capabilities across sectors. The company’s AI-powered decision engine can analyze over 9,000 variations of government-issued IDs from more than 190 countries in dozens of languages.
Socure: $100M Series D
Socure was able to secure $100 million in its Series D funding round led by Accel, bringing its total funding to date to $196 million. Just six months ago Sorenson Ventures led a $35 million investment in the company. Participating investors included Citi Ventures, Wells Fargo, Strategic Capital, Synchrony and others. Johnny Ayers, Co-founder and CEO of Socure, said in a statement that this round propelled the company to reach unicorn status.
The company will use the funding to expand its consumer-facing verticals including online gaming, healthcare, e-commerce, and other verticals. Socure provides a predictive analytics platform powered by AI and machine learning. The company applies online and offline data from the internet, email, phone, address and other methods to verify identities in real-time, it claims. Socure has over 350 customers, including Varo Money, Public, Chime and Stash.
Jumio: $150M (Private Equity)
Jumio closed a $150 million investment to use more resources to automate its identity verification solutions, expand its platform and grow its suite of AML compliance services, a press release shows. The investment was secured from private equity firm Great Hill Partners. The company gained new board members as part of the investment, Great Hill Partners’ Nick Cayer and Matt Vettel.
Jumio launched its KYX Platform in September 2020, which builds a digital profile of online users from different sources. The platform offers identity proofing and AML services. The company has verified more than 300 million identities issued by more than 200 countries. The company’s customer base includes telehealth, financial services, online gaming and social media companies. Jumio also previously acquired the AML platform from San Francisco-based startup Beam Solutions.