Estonia’s Veriff Raises US$69 Million to Grow Its ID Verification Firmby Fintechnews Baltic April 15, 2021
Veriff, an Estonian identity verification provider, announced that it has secured US$ 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 US$ 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.
With this latest round of funding, Veriff said that it 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.
Veriff’s IDV technology was crafted in Estonia, a country with a national ID system that enables its citizens to pay taxes, vote in elections, view healthcare records and access financial services online.
Veriff’s video-first AI technology combined with sophisticated data crosslinking factor in the signs of identity fraud that basic data extraction, a still image or biometrics can miss.
“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,”
said Kaarel Kotkas, founder and CEO of Veriff.
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“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.”