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IDnow has raised $40 million in venture capital as the Munich-based company expands its visual verification platform designed to speed online transactions.
Founded in 2014, the company makes a cloud-based authentication service that partners can integrate into their own products. Among its main products is IDnow Autoldent, which allows users to take a selfie and then have AI-powered algorithms match the image with databases the company has gathered to verify it against a wide range of government-issued IDs. Companies can also opt to use a version that includes additional verification by an agent.
The company says the service could now potentially be used to check IDs of 7 billion people in 193 countries. It has 250 customers, with a concentration in financial services for both incumbent banks such as Bank of Scotland and BNP Paribas and startups such as Raisin and N26.
IDnow will use the fresh funds to open new offices in France and the U.K. It is also hoping to push even further beyond its European base of clients.
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“IDnow is well-positioned to capture greater market share in Europe and beyond, as we continue to lead the way in the growing digital identity verification space,” said IDnow CEO Andreas Bodczek in a statement.
The latest funding round came from Corsair, a growth equity firm focused on financial and business service industries. IDnow has raised at least $52 million, a resource it will need as it faces tough competition from international startups such as U.S.-based Jumio, which has raised $55 million for its visual authentication platform.
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