Incode Secures $220M for Its Series B, Earning Unicorn Status Less Than Seven Months Following Its Series A Round

Incode, the next-generation identity verification and authentication platform for global enterprises, today announced it has raised $220 million in equity for its Series B funding round, giving the company a $1.25 billion valuation and propelling it to unicorn status less than seven months following its Series A round.

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“Without trust, interest rates are set higher, processes get complicated, and business becomes more difficult. Trust is the core element that opens financial systems to everyone and allows many more people to participate in a democratic system. At Incode, we create trust by eliminating barriers, reducing costs and democratizing access.”

Incode’s spectacular rate of growth – it grew 6x in revenues over the last 12 months – is driving the latest cycle of investments, which comes on top of the company raising $25 million Series A funding in March. The level of fundraise validates Incode’s leadership in the global digital identity solutions market and its groundbreaking, automated AI-based approach to reinvent the customer experience of the future.

“Our ‘One Identity Everywhere’ vision is transforming the way humans experience their identity journeys with companies,” said Ricardo Amper, Founder and CEO of Incode Technologies. “We have created an experience that is so seamless and frictionless, it brings that ‘Wow’ moment to the end customer when onboarding to a new bank, checking into a hotel or being admitted to a hospital. By reinventing these experiences, we are building trust and creating delight between enterprises and their customers.”

This latest investment round was led by marquee investors General Atlantic and SoftBank, with additional investment from top-tier financial institutions J.P. Morgan, Capital One Ventures and Coinbase Ventures. Rounding out the fundraise are SVCI (Silicon Valley CISO Investments), a group of over 50 leading technology CISOs that are joining forces and funds to invest in the next generation of cybersecurity innovation, and the founders of dLocal, with participation from existing investors DN Capital, 3L Capital, Framework Ventures, Dila Capital and others.

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What makes Incode unique in the crowded digital identity space?

  • Incode offers a full omnichannel orchestration platform that allows companies to have a single integration point to solve the identity problem – from onboarding customers in a frictionless and secure way to seamlessly authenticating them once they’re onboarded.
  • Incode’s solution is fully automated, meaning it doesn’t use humans in call centers to identify clients. The reality is that today machines are much better than humans both in terms of speed, privacy and accuracy, enabling Incode to deliver real-time responses with much less fraud.
  • Incode owns its entire technology stack, instead of using sub-vendors like many of its competitors. This creates a direct relationship between the enterprise and the technology owner, which allows Incode to continually improve its tech based on customer feedback.
  • This direct relationship enables Incode to build true partnerships with its customers. “Incode is a key strategic partner in helping us to address our identity needs at scale. Incode offers the right combination of world-class technology, security and seamless experience for our clients,” said Miguel Lavalle, Account Opening Head at Citi.

“Incode is a leader in the digital identity space and has developed a robust solution to address some of the industry’s most significant challenges, particularly around frictionless, secure onboarding and authentication. The company’s unique platform and technology has powered its growth to date, and we look forward to partnering with and supporting Incode as it helps drive the future of identity solutions,” said Martin Escobari, Co-President, Managing Director and Head of General Atlantic’s business in Latin America.

“We are very excited to support Ricardo and all of his amazing team at Incode as they continue expanding globally through enterprise clients, including many of our portfolio companies. Incode provides a world-class suite of digital onboarding and authentication tools, helping its clients manage customer identities while scaling trust and reducing friction,” said Paulo Passoni, Managing Partner of SoftBank Latin America funds.

“The biggest impact that Incode and the identity industry in general can have is to generate trust between people, companies and institutions,” said Amper. “Without trust, interest rates are set higher, processes get complicated, and business becomes more difficult. Trust is the core element that opens financial systems to everyone and allows many more people to participate in a democratic system. At Incode, we create trust by eliminating barriers, reducing costs and democratizing access.”

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