Veriff Secures $69M in Series B Funding to Combat Online Fraud, Making Identity Verification Hassle-Free
Investment led by IVP and Accel empowers Veriff to meet accelerated global demand for AI-powered, video-first approach to identity verification
Veriff, a global identity verification provider, today announced 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.
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Veriff 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. While others in the space have focused on document data extraction and lightweight verifications, Veriff offers the most accurate online identity verification service with its video-first approach that expands the reach of its service capabilities across sectors and use cases. Its objective, 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.
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.
“In a world that is becoming increasingly remote and digital-first, every company needs a solution like Veriff to facilitate internet trust,” said Jules Maltz, general partner at IVP. “Veriff is setting the standard for the IDV market and we’re proud to support Kaarel Kotkas and team as they build a large, mission-driven company.”
In 2020, the IDV market spiked. 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 amount 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,” said Matt Weigand, partner at Accel. “We look forward to supporting Veriff’s efforts to help companies prevent online crime and establish a vital aspect of their business: building trust with customers.”
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Unlike other IDV solution providers, Veriff’s IDV technology was crafted in Estonia, a country with a population of only 1.3 million and 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. Veriff provides the technology its customers need to prevent fraud and stay one-step ahead of cybercriminals.
“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. “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.”
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