Growing Demand for Digital Identity Verification More Than Doubles Shufti Pro Revenue in 2022

Company attributes growth to industry-leading capabilities of its AI-powered identity verification and risk profiling solution and its expansion into new markets worldwide

UK-based Shufti Pro, a leader in identity verification solutions, has shared new business milestones and announced the launch of its Risk Profiling tool, purpose-built for industries that deal with all risk levels of customers around the world.

Since its $20 million series A funding earlier in 2022, Shufti Pro has had a momentous year, stating that between June 2021 and 2022 the company’s annual recurring revenue (ARR) grew 57 per cent – its 5^th year of consecutive growth. In addition, the company has celebrated a 35 per cent increase in new customers worldwide, and new office openings in Boston, London, Sweden and Dubai to support global growth.

Shufti Pro’s continued company growth has seen its employee numbers increase by 70 per cent over the past 12 months, and the company appoint a number of key leadership hires.

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“Digital identities have become a key focus for organisations in recent years, and for good reason”

“Digital identities have become a key focus for organisations in recent years, and for good reason,” said Victor Fredung, CEO of Shufti Pro. “Governments and businesses across the globe are realising the importance of centralising digital identity verification, to protect against rising fraudulent transactions and criminal activity. A reliable means of verification in today’s digital world is essential, and we are proud to be revolutionising online services and providing companies with accurate identity verification with complete compliance.”

“Shufti Pro continues to grow worldwide because of the innovation of our solution – leveraging artificial and human intelligence – and the dedication of our expanding team. We are excited about the future and scaling even more, and introducing our latest innovations that continue to bridge the gaps in the digital identity verification industry.”

Since the company’s inception in 2017, Shufti Pro has launched 17 different identity verification (IDV) products. Shufti Pro enables businesses to verify thousands of ID documents in 150+ languages, serving customers in 230+ countries and territories. The company’s unmatched global coverage provides complete and reliable fraud cover for businesses anywhere in the world.

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Key achievements achieved by Shufti Pro in 2022 include:

• $20 Million Series A Funding – Earlier in the year, Shufti Pro raised $20 million in Series A funding led by Updata Partners, a tech-focused growth equity firm. The investment has accelerated the company’s global expansion providing additional resources to push its fully automated solution to new markets.
• Company Expansion – By the end of 2022, Shufti Pro will have increased employees by 70 per cent from a year ago – with plans to expand its workforce even more in 2023. The company also opened new offices in Boston, United States; London, United Kingdom; Dubai, UAE and upgraded its headquarters in Helsingborg, Sweden.
• Intelligent Risk Profiling – In its latest launch, the company is introducing a new solution that enables users to set the identity verification journey for customers based on risk profiles. The riskier the client the more in-depth the analysis for greater confidence when digitally onboarding and managing all types of customers. Shufti Pro customers can adapt the risk assessment based on a configurable questionnaire and fraud prevention rules that are then analysed by Shufti Pro’s risk intelligence profiling engines – a database of over 10 billion identity elements. The unique tool allows customers to make informed decisions, reducing all risk levels of financial crime and identity fraud.
• Solution Enhancements – As part of the company’s commitment to providing its customers with the strongest Know Your Customer (KYC) solutions to help combat identity fraud, Shufti Pro has made several investments to enhance its offerings in 2022. The company has added account duplication detection for identifying the same person setting up multiple accounts, customisable mobile SDK, drag and drop verification journey builder, and easy-to-configure original document flexibility enabling customers to decide the format of ID documents accepted. What’s more, Shufti Pro has reduced the verification journey flow by removing unnecessary screens and clicks from the KYC process.
• Solidifying Partnerships – Shufti Pro focused on establishing new partnerships across a range of sectors, including igaming, art investment, and humanitarian organisations (Mintus, Hero Gaming, Kinguin, Team4UA) over the past year, and enhancing existing ones, enabling hundreds of clients across the globe to verify the identity of customers in real-time during onboarding and screening for ongoing management to avoid identity theft, money laundering, terrorist financing, and other financial fraud.
• Executive Appointments – Continuing to invest in its growth and success, Shufti Pro appointed new key members to its leadership team: Steve Ullman as Chief Financial Officer (CFO); Christian Wheeler as Head of European Sales; Patrick Kelly as Head of Sales Americas; Graeme Rowe as Chief Marketing Officer (CMO) and Austin Grimes as Head of Global Partnerships.

In 2023, Shufti Pro will be building its new partner programme to strengthen its sales strategy and boost overall revenues for both the company and partners alike. The company also plans to expand its presence in Asia-Pacific markets and Africa, delivering its automated identity verification services responding to the markets’ needs.

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